State revenue from gold mining companies in Mali jumped by 52.5% last year, helped by an increase in tax collection and dividend payments after a new mining code entered into force, a mines ministry document seen by Reuters on Wednesday showed.
Mali is one of Africa’s biggest gold producers and is home to mining companies including Barrick Gold, Resolute Mining, Endeavour Mining and Hummingbird Resources.
The revenue paid by mining companies to the Treasury rose to 835.1 billion CFA francs ($1.40 billion) last year from 547.6 billion CFA francs in 2023, according to the document shared with Reuters.
In 2023, Mali adopted a new mining code that allowed the state to increase its stake in gold concessions and remove tax exemptions for mining companies during their exploitation phase.
According to the ministry, the increase in revenue in 2024 was mainly due to the introduction of higher taxation by the new code.
The rise in state revenue comes despite a 23% plunge in industrial gold production in Mali in 2024.
Barrick Gold, Mali’s largest gold producer, suspended operations at its Loulo-Gounkoto complex in mid-January 2025 after the military-led government seized three metric tons of its gold reserves. The government had been blocking exports from the complex since early November.
A separate mines ministry document seen by Reuters in March showed that the government forecast a slight recovery in gold output this year. But its estimates were based on the assumption that Barrick would resume operations in March, which it did not.
Operations at Loulo-Gounkoto remain suspended.
($1 = 595.5000 CFA francs)
(Editing by Anait Miridzhanian, Portia Crowe and Barbara Lewis)
