The transitional government of Mali, established last month, says it will review all mining agreements concluded under precedent regimes. This follows recommendations recently made by the Auditor General Samba Alhamdou Baby to the Interim President Bah N’Daw.
“The agreements include clauses which do not always guarantee the protection of the interests of the state [...] In particular the non-distribution of dividends, the non-payment of certain taxes, to which is added the existence of unjustified loans, all of which deprive the State of financial resources,” the Auditor General said.
Although the Auditor General, who has received the support of the President of the transition, wants the reform to best protect the interests of the Malian people, the implementation of his recommendations risks raising tensions with companies and creating a business climate that is not conducive to investment. Also, any action in favor of short-term changes to mining contracts would run counter to the new mining code adopted last year, which includes a 20-year stability term. This means that changes to the fiscal or customs regimes included in the mining agreements can only be made two decades after their conclusion.
Mali, which exported 65.6 tons of gold in 2019, remains one of Africa's leading producers of the precious metal. The country is also home to lithium reserves and big mining companies such as Resolute Mining, B2Gold, Barrick Gold, Mali Lithium Limited, and Hummingbird Resources have a footprint there.
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...
$287 million hospital project shows accelerated construction progress Authorities reaffirm 2027 commissioning timeline following site...
Mozambique starts solar plant project to power 1,200 households $12 million project backed by South Korea, built in Tete Initiative aims to...
Cotton prices hit 12-month high, rising 8.7% since December Gains driven by tighter supply, lower U.S. acreage forecasts Rising fertilizer...
Senegal broad unemployment rises to 23.3% in Q4 2025 Rate highlights underemployment beyond 5.4% ILO measure Youth, women, rural areas...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...