• Mali expects $1 billion in extra annual mining revenue after 2023 sector audit

• Government recovered 761 billion CFA francs, exceeding initial 400 billion target

• New mining code raises state stake to 35% and strengthens local participation

Mali expects an additional 586 billion CFA francs (about $1 billion) each year from mining companies following a 2023 sector audit, Economy Minister Alousséni Sanou said on Monday.

He said the extra revenue would bring the companies’ total annual contribution to about 1.022 trillion CFA francs.

The audit, carried out by the transitional government, uncovered arrears from mining firms estimated at between 300 billion and 600 billion CFA francs. Sanou said the state has so far recovered 761 billion CFA francs from the companies involved, surpassing an initial recovery target of 400 billion.

The projected increase in future revenue appears linked to these enforcement efforts. While the minister did not name the companies concerned, several mining firms have disclosed settlements in recent years, including Resolute Mining, Allied Gold, Hummingbird Resources, B2Gold and Barrick.

Sanou did not clarify how officials calculated the expected annual gains from the audit, and did not specify whether additional back payments were still anticipated. He said all companies operating in Mali will now fall under the country’s 2023 Mining Code.

The new code, which replaces the 2019 framework, raises the state’s stake in mining projects to 35% from 20%, with 5% reserved for local investors.

Several projects have already transitioned to the new rules, including Mali’s two new lithium mines, Goulamina and Bougouni. But implementation is not yet uniform across the sector. At Loulo-Gounkoto, the country’s largest gold mine, a dispute between Barrick and the government disrupted operations earlier this year.

A recent settlement has resolved the dispute, but the terms do not clarify how or when the new mining code will apply to the complex. The mining permit for the Loulo section expires in February 2026, which could open the door to renegotiations.

Aurel Sèdjro Houenou