By Enyichukwu Enemanna
Mali’s government will establish a state-owned gold refinery with the partnership of a Russian firm, Yadran, aiming to boost revenue, the country’s finance minister said, as countries in West Africa assert higher control of mineral resources in the region.
The new gold refining firm, SOROMA-SA, will be 62% owned by the Malian state, while Yadran will own the rest of the shares, Economy and Finance Minister Alousseni Sanou said on Friday.
To be built on a five-hectare site near Bamako’s airport, the new refinery will process 200 metric tons annually, almost quadruple Mali’s current output of approximately 50 tons, Sanou stated.
The junta government had approved the shareholding on Thursday, Sanou said, adding that the company would assist miners to comply with the revised code.
It could be recalled that Mali, Africa’s second-largest gold producer, has adopted a revised mining code boosting state stakes in mining firms, raising gold royalties, and requiring domestic gold processing.
Same policies have also been replicated in the neighbouring Burkina Faso, Niger and Guinea that have kicked against Western involvement in their mineral resources, instead favouring Russia and China.
According to the Mines Ministry, Mali’s two gold refineries do not have required licences, including one issued by the London Bullion Market Association (LBMA), forcing miners to process gold outside the country.
But a senior Mines Ministry official, who requested anonymity, said Yadran would assist in securing certification, a key obstacle that has prevented the country’s existing refineries from accessing global markets.
The Mines Ministry spokesperson had earlier said that Mali’s military leader, Assimi Goita, will flag off the refinery’s construction later this month.