• Mali secures majority ownership in refinery built with Russia’s Yadran
• Facility to process up to 200 tons of gold per year
• Project aims to boost local value creation in the mining sector

The government of Mali will hold a 62% stake in the country’s first national gold refinery, according to a decree adopted by the Council of Ministers on May 28, 2025. The project, developed in partnership with Russian company Yadran, is expected to have an annual processing capacity of 200 tons of gold.

Mali’s gold production, largely from industrial mines, is currently exported to international refineries—primarily in Switzerland—for processing. In an effort to localize more of the value chain, the Malian government signed an agreement in 2024 to establish its own national refinery.

The partnership with Yadran was first announced in October 2024. According to the authorities, the refinery project is a key step in integrating the mining sector more fully into the national economy and increasing its overall value addition.

Gold remains Mali’s leading export and principal source of public revenue, accounting for about 10% of the country’s GDP. Industrial production reached an estimated 51 tons in 2024.

While no official figures have yet been disclosed regarding the investment amount, construction timeline, or Yadran’s specific terms of involvement, the refinery represents a major shift in the structure of Mali’s gold value chain.

Currently, Marena Gold claims to operate the only refinery in the country, primarily sourcing gold from artisanal miners. The government estimates artisanal output at around 6 tons annually, although other sources suggest it may exceed 30 tons.

The national refinery initiative signals a broader policy push to retain more economic value from Mali’s gold production and reduce dependency on foreign refining infrastructure.