• Mali’s industrial gold output reached 26.2 tons by August 2025, down 32% year-on-year.

• The closure of Barrick’s Loulo-Gounkoto mine in early 2025 heavily weighed on production.

• Lower output threatens state revenue despite gold trading above $3,800 an ounce.

By the end of August 2025, Mali’s industrial gold production stood at 26.2 tons, down 32% year-on-year and 22.5% below the authorities’ forecast of 33.8 tons. The figures, reported by Reuters on September 29 citing a Mines Ministry document, deepen uncertainty over the country’s expected output rebound this year.

In 2024, industrial mines produced 51.7 tons of gold, a 23% annual drop. The government had projected a slight recovery to 54.7 tons in 2025. But given the pace so far, that target now appears out of reach. "This means that the forecast of 54.7 tons of gold expected this year will not be met, and all this is due to the Barrick problems," a source told Reuters.

Barrick Mining operates Loulo-Gounkoto, Mali’s largest gold mine, which accounted for about 43% of industrial output in 2024. The mine was shut for much of the first half of 2025 amid a dispute with Bamako over the 2023 Mining Code.

Although operations resumed in July under provisional state administration, output remains at only about 25% of capacity, dragging national totals. The dispute is still under international arbitration.

Beyond Loulo-Gounkoto, other major sites also reported weaker performance in the first half. Fekola, run by Canada’s B2Gold, saw a 4% drop, while Allied Gold’s Sadiola mine recorded a 5% fall year-on-year. These setbacks add to missed targets and reduce potential revenue at a time when gold prices are strong. The metal is currently trading above $3,800 an ounce, up more than 45% since January.

Upcoming official updates will be key to assessing Mali’s production outlook and the impact on state revenue. The extractive sector, dominated by gold, accounted for about 10% of GDP in 2022, according to the Extractive Industries Transparency Initiative (EITI).