Mali has been gripped by a succession of coups, political instability and a security crisis since at least 2012. In the most recent upheaval on April 25, an al-Qaeda-linked armed group joined forces with Tuareg separatists to launch simultaneous attacks across the country, killing Defence Minister Sadio Camara and prompting armed groups to declare a siege on the capital, Bamako.
Amidst this struggle for security and control, Mali’s 24 million people are sitting atop a vast, untapped gold resource, estimated at about 800 tonnes of proven reserves, the third largest in Africa after South Africa (5,000 tonnes) and Ghana (1,000 tonnes). The government claims geological gold potential could be as much as 2,000 tonnes.
More than two million people depend on the mining sector for income, with most gold mines concentrated in the southern regions of Sikasso and Koulikoro and the western region of Kayes. According to World Gold Council estimates, Mali produced about 100 tonnes of gold in 2024, making it Africa’s second biggest producer after Ghana (140.6 tonnes) and just ahead of South Africa (98.9 tonnes).
This figure far exceeds Mali’s official annual output of roughly 57 tonnes, with the gap largely explained by widespread smuggling and undercounted artisanal production. Gold is by far Mali’s largest export, accounting for nearly 80 percent of total exports and generating about $4.3bn in 2024, according to the US Department of Commerce and the IMF.
Mali’s mining sector has historically been dominated by foreign mining companies, particularly Canadian and Australian firms, with Chinese involvement on the rise. In 2023, Mali’s military transition government introduced a new mining code allowing the state to take up to a 35 percent stake in mining operations, aimed at increasing national revenue from foreign operators.
Canadian mining company Barrick Gold is one of the biggest operators in Mali, producing gold at its Loulo-Gounkoto complex since 2005. Other major mines include Fekola, Syama and Sadiola Hill. The Goulamina project is Mali’s largest lithium deposit, majority-owned by China’s Ganfeng Lithium, with the Malian state holding a smaller minority share.
Besides gold, Mali has significant deposits of lithium, uranium, phosphates, iron ore, manganese and diamonds. The Goulamina project contains more than 200 million tonnes of lithium-bearing resources. Much of Mali’s mineral wealth remains underexplored and untapped, particularly in the north, where instability has slowed development.
Source: www.aljazeera.com