Mali Suspends Gold Mining by Foreign Companies

Mali has suspended artisanal gold mining permits granted to foreign companies.

This decision follows accidents at mining sites that resulted in the deaths of about ten people.

In addition to suspending the permits, the Malian military government has also decided to confiscate gold extraction machinery from foreign companies.

Mali is one of the three largest gold-producing countries in Africa. Its artisanal gold production is estimated at around 30 tons annually.

The gold mining sector accounted for more than 80% of the country’s total exports in 2021.

More than 2 million people, or over 10% of Mali’s population, depend on the mining sector for their income.

In January of this year, Mali seized $245 million worth of gold from the Canadian mining company Barrick Gold due to unpaid taxes.

Barrick Gold agreed to pay Mali $438 million in unpaid taxes. The company is set to resume operations once its debts are settled.

Mali also seized three tons of gold from the company and arrested its employees. Both the gold and the employees will be released once Barrick Gold clears its outstanding tax payments.