Mali's Gold Sector Faces Steep Decline Amidst Government Disputes
Feb 9, 2025

Mali's Gold Sector Faces Steep Decline Amidst Government Disputes

Mali's industrial gold production experienced a dramatic 23% decline in 2024, falling to 51 metric tons from 66.5 tons the previous year, according to a report from the country's mines ministry. For more information, see the full report here.

This West African nation, renowned as one of Africa's top gold producers, hosts industrial mining operations by prominent international companies such as Barrick Gold, B2Gold Corp, Resolute Mining, and Hummingbird Resources. However, the recent production figures do not account for Barrick Gold's output in December due to an ongoing dispute with Mali's military-led government over a 2023 mining law.

Barrick Gold's operations at the Loulo-Gounkoto complex were suspended last month after authorities seized its gold reserves by helicopter. This move followed the detention of four Barrick employees since November, accused of money laundering and financing terrorism, allegations the company strongly refutes.

The Malian government alleges that several mining companies, including Barrick Gold, have failed to fulfill their tax obligations adequately. According to the ministry document, Mali's gold output fell below 60 tons for the first time in over three years. If Barrick had met its December forecast of 1.7 tons, the total would stand at 52.7 tons, based on the ministry's monthly estimates.

Despite the production plunge, Barrick Gold remains Mali's largest gold producer, with an annual output of 19.4 tons in 2024, excluding December figures. This is followed by B2Gold with 13.7 tons, and Resolute Mining with 7.2 tons. Additionally, artisanal mines are expected to contribute approximately 6 tons, bringing Mali's total gold production for 2024 to an estimated 58.7 tons, as per the ministry's projections.

Source: IndexBox Market Intelligence Platform

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  2. 2. EXECUTIVE SUMMARY

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  3. 3. MARKET OVERVIEW

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  12. LIST OF TABLES

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    9. Exports, In Physical Terms, By Country, 2012–2024
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  13. LIST OF FIGURES

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    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2024
    18. Production, In Value Terms, 2012–2024
    19. Production, By Country, 2024
    20. Production, In Physical Terms, By Country, 2012–2024
    21. Imports, In Physical Terms, 2012–2024
    22. Imports, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, By Country, 2024
    24. Imports, In Physical Terms, By Country, 2012–2024
    25. Imports, In Value Terms, By Country, 2012–2024
    26. Import Prices, By Country, 2012–2024
    27. Exports, In Physical Terms, 2012–2024
    28. Exports, In Value Terms, 2012–2024
    29. Exports, In Physical Terms, By Country, 2024
    30. Exports, In Physical Terms, By Country, 2012–2024
    31. Exports, In Value Terms, By Country, 2012–2024
    32. Export Prices, 2012–2024

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