Mali has started building a new gold refinery with Russian and Swiss partners,which officials say will help the country gain greater control over its gold exports,Reuters reported.
The 200-ton-capacity facility is being developed in partnership with Russia’s Yadran Group and a Swiss investment firm,with the Malian state holding a controlling stake.
At the launch ceremony near Bamako,interim President Colonel Assimi Goïta was quoted as saying that Mali has long lost revenue by exporting raw gold to countries like the UAE,South Africa,and Switzerland.
He stated that the refinery would allow Mali to process its gold domestically and better track production and exports.
Goïta also reiterated plans to require all mining companies to refine gold locally under a revised mining code,though no deadline has been set.
The announcement comes as Mali,Africa’s third-largest gold producer,faces rising tensions with foreign mining firms. In June,a Malian court placed Barrick Gold’s Loulo-Gounkoto complex under temporary state control amid a tax dispute
The government has accused Barrick of underpaying taxes and excluding the state from profits
Other companies,including Resolute Mining,have previously settled disputes with large payouts,reflecting a broader push by Mali’s military-led government to renegotiate mining contracts and increase state revenues.
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