Latest news with #YadranGroup
Yahoo
9 hours ago
- Business
- Yahoo
Mali begins building Russian-backed gold refinery
Mali's military junta has started building the West African state's first-ever gold refinery in partnership with a Russian conglomerate, the Yadran Group. The project would embody Mali's assertion of its "economic sovereignty", and ensure the nation benefited from its mineral wealth, military leader Gen Assimi Goïta said. He has strengthened military and economic ties with Russia since seizing power in a coup in 2021, while reducing relations with former colonial power France and other Western nations. This reflects a broader trend in the region, with neighbouring Burkina Faso and Niger also pivoting towards Russia after the overthrow of civilian leaders. Western firms have since been facing a tough time - the latest example being Mali's decision to put a huge gold mine, run by Canadian giant Barrick, into administration, effectively bringing it under state control. On Monday, Gen Goïta - along with Yadran Group head Irek Salikhov - attended a ceremony for the construction of the refinery, which will have a 200-tonne capacity, in Senou, not far from the capital, Bamako. Mali would having a majority stake in the refinery, and Yadran Group a minority share. Mr Salikhov hailed the plant as a "win-win" for both nations, saying the aim was to turn the refinery into "a regional centre for processing gold extracted not only in Mali, but also in neighbouring countries like Burkina Faso". No date has been announced for its completion, but Gen Goita said: "It's a long-awaited dream of the Malian people, and today it's becoming a reality." The plant would enable Mali to "refine all the gold mined on its soil, ending decades of crude export to foreign refineries", he added. Mali is Africa's second-biggest producer of gold, but many of its people remain poor 65 years after independence. Why Burkina Faso's junta leader has captured hearts and minds around the world How a uranium mine became a pawn in the row between Niger and France Why France faces so much anger in West Africa Go to for more news from the African continent. Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica Focus on Africa This Is Africa
BBC News
10 hours ago
- Business
- BBC News
Mali gold refinery: Military ruler Gen Assimi Goïta hails construction as assertion of 'economic sovereignty'
Mali's military junta has started building the West African state's first-ever gold refinery in partnership with a Russian conglomerate, the Yadran Group. The project would embody Mali's assertion of its "economic sovereignty", and ensure the nation benefited from its mineral wealth, military leader Gen Assimi Goïta said. He has strengthened military and economic ties with Russia since seizing power in a coup in 2021, while reducing relations with former colonial power France and other Western reflects a broader trend in the region, with neighbouring Burkina Faso and Niger also pivoting towards Russia after the overthrow of civilian leaders. Western firms have since been facing a tough time - the latest example being Mali's decision to put a huge gold mine, run by Canadian giant Barrick, into administration, effectively bringing it under state control. On Monday, Gen Goïta - along with Yadran Group head Irek Salikhov - attended a ceremony for the construction of the refinery, which will have a 200-tonne capacity, in Senou, not far from the capital, would having a majority stake in the refinery, and Yadran Group a minority Salikhov hailed the plant as a "win-win" for both nations, saying the aim was to turn the refinery into "a regional centre for processing gold extracted not only in Mali, but also in neighbouring countries like Burkina Faso".No date has been announced for its completion, but Gen Goita said: "It's a long-awaited dream of the Malian people, and today it's becoming a reality." The plant would enable Mali to "refine all the gold mined on its soil, ending decades of crude export to foreign refineries", he is Africa's second-biggest producer of gold, but many of its people remain poor 65 years after independence. You may also be interested in: Why Burkina Faso's junta leader has captured hearts and minds around the worldHow a uranium mine became a pawn in the row between Niger and FranceWhy France faces so much anger in West Africa Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
Zawya
12 hours ago
- Business
- Zawya
Mali starts construction of Russia-backed gold refinery
Mali began construction of a new Russia-backed gold refinery on Monday, which the West African country's military leader said would take it closer to asserting control over its natural resources. The 200-ton capacity facility, in which Mali has a controlling stake, will be built in partnership with Russia's Yadran Group and a Swiss investment company. Mali's interim president Colonel Assimi Goita said last year that all mining companies will be required to process their gold domestically under a revised mining code, without providing a deadline. That reflects a broader regional shift extending across the Sahel, where Guinea, Niger and Burkina Faso have also revised mining codes to mandate local processing, adding value to their exports and boosting the economic benefits of their resources. "Since 1980, Mali's gold has been exported for refining and sale to countries such as the United Arab Emirates, South Africa, and Switzerland," Goita said at the groundbreaking ceremony for the new plant in Senou, outside the capital Bamako. "This deprives our country of substantial revenues that could be used for the development of its economy." The government has not provided a deadline for the plant's completion. Once fully operational, it will process all gold produced in Mali into dore bars before it is exported, with a capacity nearly four times Mali's annual gold production. Echoing comments from Goita, Yadran President Irek Salikhov said at the ceremony the refinery will become "a regional center for processing gold extracted not only in Mali, but also in neighboring countries — like Burkina Faso". West Africa is a major gold producer, but lacks a functional and globally certified gold refinery despite attempts to create one including by Ghana, the continent's top gold producer. The refinery is part of Goita's sweeping mining reforms introduced since the military leader seized power in 2021 and severed relations with Western partners. Mali's revised mining code, like those of neighbours Guinea, Niger and Burkina Faso, has rattled investors. A Malian court this month put Canadian miner Barrick's Loulo-Gounkoto gold complex under temporary state control, escalating an ongoing dispute over Mali's tax claims. Goita said the refinery would enable Mali to better track its gold production and exports. Like many African countries, it loses billions of dollars to gold smuggling due to the absence of certified gold refineries and traceability programmes. (Reporting by Tiemoko Diallo & Idrissa Sangare; Writing by Maxwell Akalaare Adombila; Editing by Jessica Donati and Jan Harvey)
Reuters
13 hours ago
- Business
- Reuters
Mali starts construction of Russia-backed gold refinery
BAMAKO, June 16 (Reuters) - Mali began construction of a new Russia-backed gold refinery on Monday, which the West African country's military leader said would take it closer to asserting control over its natural resources. The 200-ton capacity facility, in which Mali has a controlling stake, will be built in partnership with Russia's Yadran Group and a Swiss investment company. Mali's interim president Colonel Assimi Goita said last year that all mining companies will be required to process their gold domestically under a revised mining code, without providing a deadline. That reflects a broader regional shift extending across the Sahel, where Guinea, Niger and Burkina Faso have also revised mining codes to mandate local processing, adding value to their exports and boosting the economic benefits of their resources. "Since 1980, Mali's gold has been exported for refining and sale to countries such as the United Arab Emirates, South Africa, and Switzerland," Goita said at the groundbreaking ceremony for the new plant in Senou, outside the capital Bamako. "This deprives our country of substantial revenues that could be used for the development of its economy." The government has not provided a deadline for the plant's completion. Once fully operational, it will process all gold produced in Mali into dore bars before it is exported, with a capacity nearly four times Mali's annual gold production. Echoing comments from Goita, Yadran President Irek Salikhov said at the ceremony the refinery will become "a regional center for processing gold extracted not only in Mali, but also in neighboring countries — like Burkina Faso". West Africa is a major gold producer, but lacks a functional and globally certified gold refinery despite attempts to create one including by Ghana, the continent's top gold producer. The refinery is part of Goita's sweeping mining reforms introduced since the military leader seized power in 2021 and severed relations with Western partners. Mali's revised mining code, like those of neighbours Guinea, Niger and Burkina Faso, has rattled investors. A Malian court this month put Canadian miner Barrick's ( opens new tab Loulo-Gounkoto gold complex under temporary state control, escalating an ongoing dispute over Mali's tax claims. Goita said the refinery would enable Mali to better track its gold production and exports. Like many African countries, it loses billions of dollars to gold smuggling due to the absence of certified gold refineries and traceability programmes.
Russia Today
a day ago
- Business
- Russia Today
African state partners with Russia to boost gold revenues
Mali's government will partner with the Russian Yadran Group to establish a state-owned gold refinery aimed at increasing national revenues from bullion production, Reuters reported on Friday, citing the West African country's economy and finance minister. According to Alousseni Sanou, the joint company SOROMA-SA will be majority-owned by the Malian state with a 62% stake, while Yadran will hold the remaining shares. He said the facility would be constructed on a five-hectare site near the international airport in the capital, Bamako and is expected to process up to 200 metric tons of gold annually, almost four times Mali's current capacity of roughly 50 tons. The country's transitional legislative body approved the shareholding structure earlier last week, the officials said, adding that the new firm will support miners in meeting new requirements introduced by the revised mining code. The Sahel state is Africa's second-largest gold producer, according to latest report by the World Gold Council. In 2023, Bamako's new leadership, which came to power after a 2020 coup, introduced a revised mining code allowing the government to claim up to a 30% stake in new projects in an effort to boost state revenues amid rising gold prices. The move, which aligns with similar policies adopted by governments in neighboring Burkina Faso, Guinea, and Niger, also seeks to raise gold royalties and mandate domestic gold processing. Mali currently exports most of its raw gold due to limited refining capacity. Bamako's Mines Ministry reportedly stated that the country's two existing refineries lack international certifications, such as from the London Bullion Market Association (LBMA), which restricts access to global markets. On Friday, Reuters cited a senior official from the Malian Mines Ministry as saying that the partnership with Russia's Yadran is intended to help Bamako secure certification and comply with international trading standards. The Malian-Russian refinery project is being launched amid escalating tensions in recent months between military-led governments in the Sahel and Western mining companies. Late last month, Canadian company Barrick Mining appealed to the World Bank's arbitration tribunal to resolve a legal dispute with Mali, where it risks losing control of its gold operations. Barrick holds an 80% stake in the country's Loulo-Gounkoto mines, with the Malian government owning the remaining 20%. The mines, which produced nearly 700,000 ounces of gold in 2023, have been shut since January, after the government seized three tons of gold over alleged unpaid taxes, a claim Barrick denies. Meanwhile, in neighboring Niger, French nuclear fuel company Orano lost its license to the Imouraren uranium mine in 2024, and later that year the military government seized its subsidiary, Somair.
