Mining

Gold: Mali Seals Deal to Earn More from Fekola Complex

Gold: Mali Seals Deal to Earn More from Fekola Complex
Friday, 13 September 2024 18:06

The Fekola mine, Mali’s second-largest gold mine, is expected to produce a maximum of 450,000 ounces in 2024. B2Gold, its owner, discovered a new deposit 20 km away and has secured the application of the 2023 mining code for this project.

On September 11, 2024, Canadian miner B2Gold announced it had signed an agreement with the Malian government to keep mining gold at its Fekola project. This agreement states that the 2023 mining code will apply to the new Fekola Regional deposit. 

The Fekola Regional deposit is situated about 20 km from the main mine. The new deposit could produce between 80,000 and 100,000 ounces of gold annually by 2025. 

The 2023 mining code aims to increase mining revenues for the Malian government. It allows for a maximum of 30% State ownership and 5% for local investors and could generate an additional 500 billion FCFA ($840 million) in annual revenue for the government.

However, the original 2012 mining code will still apply to the Fekola mine, which began production in 2017 and will remain in effect until 2040. The government has converted its 20% stake in the Fekola mine from ordinary shares to preference shares, giving it priority in dividend distribution.

Fekola is expected to deliver between 420,000 and 450,000 ounces of gold this year, making it Mali's second-largest gold mine.

Emiliano Tossou

On the same topic
Libya oil output reaches 1.43 million barrels per day Production nears pre-2011 levels as operations stabilize Oil dominates economy,...
Morocco renewable capacity doubles to 4,851 MW by 2025 Wind leads growth; solar expands, hydropower remains stable High energy import...
EACOP pipeline reaches 82% completion ahead of planned 2026 launch Project to transport 216,000 barrels daily from Uganda to Tanzania Legal...
Gold prices have dropped about 12% since late February despite geopolitical tensions Rising oil prices are fueling inflation fears and expectations...
Most Read
01

Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...

Flutterwave Secures Banking License in Nigeria, Joining Push by Fintechs Like Revolut, Wise
02

BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...

BCEAO Imposes June 30 Deadline to Complete Instant Payments Integration
03

This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...

Weekly Health Update | Africa Faces Health Supply Risks; DRC Ends Mpox Emergency
04

A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...

Mitsubishi, Toyota Buy Options on Africa's Next Startups
05

EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...

EBID Charts Green Shift to Finance West Africa’s Growth
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.