Jan 12

Jan 12 Mali to recover trillions by recovering CFA from miners

Introduction

Mali is set to recover a significant amount of money through various measures related to its mining sector and financial management. Here are the key developments:

Mining Sector Overhaul

Mali is expected to receive 750 billion CFA francs ($1.2 billion) from miners in the first quarter of 2025 following an extensive restructuring of its mining industry.

This comes after the military government discovered a deficit of 300-600 billion CFA francs in state revenue and decided to implement stricter regulations on mining companies operating within its borders.

Contract Renegotiations

Malian Head of State, General Assimi Goïta, announced that the renegotiation of contracts has enabled the recovery of a shortfall of nearly 1 trillion CFA francs. This significant amount demonstrates the government’s efforts to address financial discrepancies and increase state revenue.

New Mining Code

A new mining code has been adopted, requiring mining companies to pay millions of dollars in back taxes and dividends. This has led to several agreements and settlements with mining corporations:

Resolute Mining Ltd. agreed to pay about $160 million to resolve a tax dispute.

B2Gold Corp. and Allied Gold Corp. announced new agreements including settlement payments for their mines.

The government claims Barrick Gold Corp. owes over $512 million in unpaid profits and taxes, although Barrick denies this.

Increased State Interest

Mali will seek to raise state revenue by expanding its interest in producing assets to 35% from 20% under the new mining legislation enacted in 2023.

Conclusion

While these measures are expected to significantly boost Mali’s financial resources, it’s important to note that the exact amount recovered may not reach “trillions” of CFA francs as suggested in the query. However, the combined efforts in renegotiating contracts, implementing new mining regulations, and increasing state interest in mining assets are projected to result in substantial financial gains for Mali.

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