With Arise, Gagan Gupta has built a reputation in Africa for developing industrial platforms, notably in Benin and Togo. In recent years, the Indian businessman has been diversifying into the mining sector, with investments ranging from Cameroon to Mali.

Eagle Eye Asset Holdings (EEA), a Singapore-based firm, has struck a $120 million deal with mining company Cora Gold. The agreement, announced on April 17, marks the second major investment in a Malian gold project by Indian businessman Gagan Gupta, founder of industrial group Arise and an EEA shareholder, as established miners grow more cautious.

Cora Gold is developing the Sanankoro project in Mali, a future gold mine expected to produce 47,000 ounces per year over 10.2 years. Under the terms of the deal, EEA will acquire 30.44% of the project’s future output at 20% of the spot gold price. Combined with Cora Gold’s existing cash reserves, the financing fully funds Sanankoro through to production.

EEA structured a similar deal last year for Toubani Resources’ Kobada project. The Australian company, in which EEA is the largest shareholder, secured a streaming agreement granting EEA 11.1% of future production from the Malian gold mine in exchange for $160 million, as part of a broader A$395 million ($282 million) financing package announced in October 2025. The Kobada mine is expected to produce 162,000 ounces of gold annually over 9.2 years.

A contrarian bet

These investments come amid a difficult backdrop for Mali’s mining sector. According to S&P Global Market Intelligence’s World Exploration Trends 2026 report, Mali recorded its third consecutive annual decline in exploration spending in 2025, the steepest drop on the continent.

While the report does not specify the causes, this partly reflects the turbulence that followed the adoption of a new mining code in 2023, which increased the state’s share in new projects and removed certain tax exemptions. A prolonged standoff between Bamako and Barrick Mining over the Loulo-Gounkoto complex, along with a suspension of mining permit approvals, has further weighed on investor interest.

For Gupta, rising gold prices and the country’s geological potential justify the bet. The streaming agreements allow EEA to benefit directly by purchasing a share of future output from near-production mines at a discount. Toubani broke ground on Kobada last month, with first gold expected in the third quarter of 2027. For Cora Gold, final government approvals remain pending before construction at Sanankoro can begin.

Gupta’s investments in Mali form part of a broader strategy across African mining. EEA holds a stake in the Baomahun gold project in Sierra Leone, is the largest shareholder in Canyon Resources, which is developing Cameroon’s first bauxite mine at Minim Martap, and also has interests in the Belinga iron ore project in Gabon as well as ruby projects in Mozambique.

Expanding its footprint?

Mali’s industrial gold output fell about 23% last year to 42.2 tons. While Barrick Mining’s resumption of operations at Loulo-Gounkoto, the country’s largest mine, is expected to boost output this year, new mines coming online, such as Kobada and Sanankoro, should support volumes over the medium term.

A key driver of that outlook, Gupta has so far focused on advanced-stage projects nearing development. Whether he will expand into exploration, which enables the discovery of new deposits, remains unclear. In the meantime, assets similar to Sanankoro and Kobada are still available in Mali, including Canadian miner Roscan Gold’s Kandiolé project.

Emiliano Tossou