Mali Partners with Russia to Launch State-Controlled Gold Refinery
Mali’s government announced plans to establish a state-controlled gold refinery in partnership with Russian firm Yadran, aiming to boost revenue from its bullion exports.
The move comes as West African nations push for greater returns from their natural resources amid rising global commodity prices.
The new company, SOROMA-SA, will be majority-owned by the Malian state with a 62% stake, while Yadran will hold the remaining 38%, according to Economy and Finance Minister Alousseni Sanou.
The refinery will be constructed on a five-hectare site near Bamako’s airport and is designed to process up to 200 metric tons of gold annually—nearly four times Mali’s current processed output of approximately 50 tons.
Sanou noted that the country’s National Transition Council approved the company’s shareholding structure and added that SOROMA-SA will help mining companies comply with Mali’s revised mining code.
As Africa’s second-largest gold producer, Mali recently adopted a new mining code that increases the state’s ownership in mining ventures, raises royalty rates, and mandates domestic gold refining.
These reforms mirror similar shifts in neighboring Burkina Faso, Niger, and Guinea, where Western mining firms have faced growing competition from Russian and Chinese interests.
Currently, Mali’s two existing gold refineries lack international certifications—such as accreditation from the London Bullion Market Association (LBMA)—which forces miners to send their gold abroad for processing.
A senior official from the Mines Ministry, speaking anonymously, confirmed that Yadran will assist in obtaining the necessary certifications, addressing a long-standing barrier to accessing global markets.
According to a spokesperson for the Mines Ministry, construction of the new refinery will be officially commissioned by Mali’s transitional president, Colonel Assimi Goïta, later in June.
