Latest news with #AlousseniSanou
Business Insider
2 days ago
- Business
- Business Insider
Mali strikes gold refining deal with Russia to curb export losses
Mali's government has announced plans to establish a state-controlled gold refinery in partnership with Russian firm Yadran. Russia Mali is establishing a state-controlled gold refinery in partnership with Russian firm Yadran to maximize earnings from its gold sector. The refinery, named SOROMA-SA, will be majority-owned by Mali with a 62% stake, located near Bamako's airport with a capacity of 200 metric tons annually. Mali seeks to locally refine gold to meet international standards of purity (99.5%) and reduce dependency on abroad refining. Mali's government has announced plans to establish a state-controlled gold refinery in partnership with Russian firm Yadran, aiming to increase earnings from its gold sector. Finance Minister Alousseni Sanou announced that the newly formed company, SOROMA-SA, will be 62% owned by the Malian government, with Russian firm Yadran holding the remaining 38% stake. Set to be constructed on a five-hectare site near Bamako's international airport, the refinery will have the capacity to process up to 200 metric tons of gold annually, a significant leap from Mali's current processing capacity of about 50 tons, according to Reuters. Mali, Africa's second-largest gold producer, currently lacks an internationally certified refinery. The country's two existing facilities have been unable to meet the standards required by global bodies like the London Bullion Market Association (LBMA), forcing miners to refine their gold abroad. The new refinery will produce gold with a purity of 99.5%, adhering to international certification standards. Mining code reforms reshape investment landscape Sanou said the refinery will help miners comply with the country's revised mining code, which was designed to increase state participation, raise royalty rates, and mandate domestic gold refining. These reforms echo similar moves by regional neighbours like Burkina Faso, Niger, and Guinea, which have also sought to localize more of the mining value chain, sparking concern among Western investors even as ties with Russia and China deepen. Since seizing power in 2020, Mali's military government has vowed to overhaul the mining sector to ensure the state captures a larger share of gold revenues. These reforms are projected to boost annual government income by about $950 million, representing nearly 20% of the national budget. Mali's transitional president, Assimi Goita, is expected to officially launch construction of the refinery later in June, according to a spokesperson from the Ministry of Mines.
Reuters
2 days ago
- Business
- Reuters
Mali hopes Russia partnership will help end raw gold exports
BAMAKO, June 13 (Reuters) - Mali's government will establish a state-controlled gold refinery with Russia's Yadran to boost bullion revenue as West African nations aim for greater resource returns amid rising commodity prices, the country's finance minister said. The new company, SOROMA-SA, will be 62% owned by the Malian state, with the remainder held by Yadran, Economy and Finance Minister Alousseni Sanou said. The refinery, set to be built on a five-hectare site near Bamako's airport, will process 200 metric tons annually, almost quadruple Mali's current output of approximately 50 tons, Sanou said. Mali's National Transition Council approved the shareholding on Thursday, Sanou said, adding the company would assist miners to comply with the revised code. Mali, Africa's second-largest gold producer, has adopted a revised mining code boosting state stakes in mining firms, raising gold royalties, and requiring domestic gold processing, following similar policies in Burkina Faso, Niger and Guinea that rattled western investors as they pivot to Russia and China. Mali's two gold refineries lack certifications, such as by the London Bullion Market Association (LBMA), forcing miners to process gold abroad, according to the Mines Ministry. A senior Mines Ministry official, who requested anonymity, said Yadran would help secure certification, a key obstacle that has prevented the country's existing refineries from accessing global markets. Mali's military leader Assimi Goita will commission the refinery's construction later in June, according to mines ministry spokesperson.
Bloomberg
10-02-2025
- Business
- Bloomberg
Mali Starts Taxes on Mobile-Phone Use to Fund Terrorist Fight
Mali has introduced taxes on mobile voice calls and mobile-money withdrawals to support its fight against an Islamic insurgency that's threatening to take over part of the country. Customer recharge for calls will incur a tax of 10% while withdrawals from mobile-money wallet will be hit with a 1% levy, Minister of Economy and Finance Alousseni Sanou told reporters in the capital, Bamako. The new taxes together with other revenue measures are expected to raise roughly 140 billion CFA francs ($220 million) to finance security and energy, Sanou said.
