Mali’s Gold Production Drops 23% Amid Government-Miner Dispute

Mali’s industrial gold production fell 23% in 2024, dropping to 51 metric tons from 66.5 tons in 2023, according to the country’s mines ministry. This marks the first time in over three years that output has fallen below 60 tons.

Mali, one of Africa’s top gold producers, hosts industrial operations run by major international companies, including Barrick Gold, B2Gold Corp, Resolute Mining, and Hummingbird Resources. However, tensions between the government and mining firms have contributed to the decline.

A ministry report released on Friday revealed that the production figure excludes Barrick Gold’s December output due to an ongoing dispute over Mali’s mining law introduced in 2023.

The law increases taxes and mandates larger state ownership in mining projects, which industry executives argue makes investment in new or existing operations unviable.

Barrick suspended production at its Loulo-Gounkoto mine in December after authorities seized its gold reserves by helicopter. Four of its employees remain detained on charges of money laundering and terrorism financing—allegations the company denies.

Despite government claims that mining firms have not been paying sufficient taxes, executives warn that regulatory uncertainty is discouraging investment.

If Barrick had met its December forecast of 1.7 tons, Mali’s total production would have reached 52.7 tons, according to the ministry’s estimates. Including an estimated 6 tons from artisanal mining, total gold output for 2024 is expected to reach 58.7 tons.

Barrick Gold remains Mali’s largest gold producer with 19.4 tons (excluding December), followed by B2Gold at 13.7 tons and Resolute Mining at 7.2 tons.

A mines ministry official, speaking to Reuters, suggested that the ongoing conflict between the government and mining companies has shaken confidence in the sector, contributing to the production decline.