(Ecofin Agency) - Africa's third-largest gold producer, Mali, keeps taking steps to directly benefit from its mineral resources. In 2022, the government created a new national mining company, and this year the firm has already acquired a gold mine and continues to strengthen its portfolio.

The Malian government has granted a gold exploration permit to the Société de Recherche et d'Exploitation des Ressources Minérales (SOREM). According to minutes of the Council of Ministers meeting on August 28, this permit allows the State company to explore and find an economically viable deposit.

The permit spans 97.41 km² in N'Tahaka, in the Gao region. N'Tahaka is one of the zones of interest identified by SOREM during its geological and mining exploration in the Gourma Oriental geological district.

With this new exploration license, SOREM is expanding its gold portfolio in Mali. Created in 2022, the company acquired the Morila gold mine from Australia's Firefinch this year. The Malian State, SOREM’s sole shareholder, will receive profits from this mine, and any other gold deposit the firm may discover.

Mali houses important gold reserves and was Africa's third-largest producer in 2023. According to official data, the country recorded industrial gold production of 66.5 tonnes in 2023. It eyes 57.3 tonnes this year. Most industrial production comes from foreign companies, including Canada's Barrick Gold, B2Gold and Allied Gold, and the UK's Hummingbird Resources.

Emiliano Tossou