Close-up of a hand holding millet grains, representing African agricultural exports and trade.
Three gold producers, including London-listed Endeavour Mining, have signed onto Mali’s controversial new mining code, which increases tax obligations and state control in mining assets. The move marks a shift in the country’s tense standoff with miners since the code was introduced in August 2023, slashing gold output by 23%. The companies—Somika SA, Faboula Gold, and Bagama Mining—have been mostly inactive but now plan to resume operations, potentially creating over 6,000 jobs and generating $360 million in annual turnover. Somika SA is 80% owned by Endeavour, with the Malian government owning the rest. While the deals offer hope for Mali’s struggling gold sector, major player Barrick Mining remains in a legal standoff with the government. As regulatory tensions persist, the country’s mining future remains promising—but precarious.
Reuters