• Mali approved the transfer of the Kobada mining license to Canada’s Toubani Resources.
• The decision clears the way for construction after approval of the 2023 mining code and environmental permit.
• The project targets average annual production of 162,000 ounces over a 9.2-year mine life.

In a decree adopted during a cabinet meeting held on Wednesday, January 28, the Malian government approved the official transfer of the Kobada gold mining permit to Toubani Resources. The Canadian mining company said the decision marked a major milestone and gave it the green light to “commence development” of the future gold mine.

This approval followed the mining convention signed by both parties in March 2025. That agreement secured the application of the 2023 Mining Code to the project but remained pending finalization. This week’s decision completed the process and granted Toubani the regulatory approvals required to launch construction, after authorities had already approved the environmental impact assessment in October 2025.

“The agreement demonstrates Toubani’s commitment to working with the Malian government and other stakeholders to advance the project. The signing of the agreement and the completion of the mining permit transfer represent important milestones that provide development certainty for the Kobada gold project,” the company said in a statement published on Friday, January 30.

Through this approval, the Malian government supports the construction of an asset capable of delivering average annual production of 162,000 ounces of gold over a mine life of 9.2 years. The project is expected to generate new mining revenues for the state budget while supporting national gold output. Under the 2023 Mining Code, Mali can claim a 35% interest in the Kobada project, including a 5% stake reserved for local investors, in addition to royalties and other fiscal levies, including corporate income tax.

The next step for the Kobada project involves securing the $216 million required for construction. Toubani said it plans to begin site works during the current quarter and announced this week a financing structure aimed at closing that funding phase, as gold prices remain on an upward trend following a 67% annual increase in 2025.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J.A de BERRY QUENUM