Mining

Morila: Amid Legal Dispute Malian State Secure the Gold Mine

Morila: Amid Legal Dispute Malian State Secure the Gold Mine
Monday, 27 May 2024 18:46

After months of negotiations, the Malian government acquired the Morila gold mine for a symbolic dollar. The asset was transferred to SOREM-SA, a State company. Now, however, the mine is at the heart of a legal dispute between a Malian subcontractor who asks the mine’s former owner for unpaid dues.

The subcontractor, Entreprise Générale Traoré et Frères SARL (EGTF), has launched an arbitration procedure to recover 12.84 billion CFA francs ($21.26 million) from Firefinch. In its complaint, EGTF named Firefinch's former local subsidiary, Morila SA, the mine’s owner before its transfer to the State.

Firefinch stopped financing the Morila mine in 2022 due to liquidity issues and planned to sell the asset. The Malian government blocked the sale and negotiated the transfer of ownership to SOREM-SA. 

Firefinch said it is not a party to the mining services contract and is not bound by the arbitration provisions it contains. "Firefinch is not a party to the mining services contract [and is not bound by the arbitration provisions it contains], and there is no agreement between Firefinch and Morila SA that would require Firefinch to honor Morila SA's debts or other obligations," it said.

Over the 20 years it was in activity, Morila produced over 7.5 million ounces of gold (+200 tonnes) of gold, making it a top contributor to Mali’s total output.

Emiliano Tossou

On the same topic
Dalaroo to acquire Red Rock’s Ivorian gold assets for A$715K Deal includes seven exploration permits, pending due diligence Move follows rising...
China’s CRBC to build new oil refinery in Gabon Project aims to boost fuel supply, cut import reliance Over 20,000 jobs expected during refinery...
Mali approves ESIA for Toubani’s Kobada gold project Final permits pending; gold output targeted for 2027 $259M financing plan announced, subject...
Government validates risk service contract for 545 km² block Afentra to operate with 40% stake alongside Maurel & Prom and Sonangol Resources...

Most Read
01

Côte d’Ivoire traced 40% of cocoa for 2024/25 season Most cocoa remains untracked due to info...

With 40% of Its Cocoa Traceable, Côte d’Ivoire Faces a Race to Meet New E.U. Standards
02

• World Bank raises 2025 growth forecasts for Benin, Mali, Burkina, Côte d’Ivoire• Senegal and Niger...

World Bank Revises Up 2025 Forecasts for Four WAEMU Countries, Amid Falling Inflation
03

• AfDB chief Sidi Ould Tah met BOAD president Serge Ekué in Abidjan on Aug. 30.• Talks focused on jo...

AfDB, BOAD join forces to expand financing for West Africa projects
04

Indorama to invest $210M in Senegal phosphate sector upgrade ICS to expand fertilizer, acid ...

Indorama, Petrochemicals Major, to Invest $210 Million in Senegal Fertilizer Plant
05

Africa holds 30% of key minerals for green tech. Leaders urge local processing to boost value...

African Countries Chart a New Green Industrial Path, Powered by Critical Minerals
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.