(Ecofin Agency) - Mali’s gold reserves have been scaled up from 800 t to 822 t which can be exploited over 16 years based on actual production levels. This was announced by Mali’s minister of mines who said the increase is due to new discoveries by mining firms since the last estimation.

“The increase in reserves is due to new discoveries in various mines, including Rangold’s Loulo-Gounkoto complex and the Morila mine,” said Yaya Djiré, head of mining division at the ministry.

In 2016, Mali’s gold production soared to 50.9t from 50.5 t in 2015. Out of this volume, industrial output stood at 46.9 t while artisanal mining counted for 4 t only.

Mali is Africa’s third largest gold producer behind South Africa and Ghana.

Louis-Nino Kansoun