• Mali’s state-owned SOREM signed an agreement with U.S.-based Flagship Mining to restart production at the Morila gold mine, which holds 2.5 million ounces in reserves.
• The mine, previously operated by Barrick Mining and AngloGold Ashanti, produced over 6 million ounces before being acquired and later relinquished by Firefinch Ltd.
• The talks come amid a 32% drop in Mali’s industrial gold output as of August 2025, highlighting the government’s push to revive dormant assets.

Mali has opened talks with Flagship Mining, a U.S.-based company, to restart operations at the Morila gold mine, once one of the country’s flagship industrial assets. The move follows the signing of a cooperation agreement on October 8, 2025, between Société de recherche et d’exploitation des ressources minérales du Mali (SOREM) and Flagship.

The mine, fully owned by the Malian state since January 2025, was previously operated by Barrick Mining and AngloGold Ashanti, which extracted over 6 million ounces (170 tonnes) of gold from 2000 until operations ceased.

According to a statement from the Ministry of Mines, the agreement “reflects Flagship’s intention to acquire equity in Morila SA to enable the rapid restart of mining operations.”

Tiégoum Traoré, SOREM’s Managing Director, signed on behalf of Mali, while Ron Slaughter, Flagship’s President and CEO, represented the American firm.

The details of Flagship’s planned equity participation and the structure of the partnership remain undisclosed. However, officials said the collaboration could lead to a phased resumption of production and renewed investment in equipment, processing capacity, and workforce training.

After Barrick and AngloGold Ashanti sold Morila in 2020 to Australia’s Firefinch Ltd., the company failed to restart production and transferred its 80% stake to the Malian government, which already held the remaining 20%.

Morila currently holds 2.5 million ounces (about 77 tonnes) of proven gold reserves, according to official data.

The new partnership talks emerge amid a notable contraction in Mali’s gold sector. Industrial gold output reached 26.2 tonnes by the end of August 2025, down 32% year-on-year, according to figures reported by Reuters. 

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum