Mali’s Mining Revenue Surges 52.5% Despite Drop in Gold Output
Mali’s state revenue from gold mining companies surged by 52.5% in 2024, driven by higher tax collection and increased dividend payments following the enforcement of a new mining code, according to a mines ministry document seen by Reuters.
The West African nation, one of the continent’s top gold producers, is home to major mining firms including Barrick Gold, B2Gold, Resolute Mining, Endeavour Mining, and Hummingbird Resources.
Revenue paid by mining companies to the national treasury rose to 835.1 billion CFA francs ($1.4 billion) in 2024, up from 547.6 billion CFA francs in 2023, the document showed.
The boost in revenue is attributed to Mali’s revised mining code, adopted in 2023, which increased the government’s stake in mining concessions and removed tax exemptions previously granted to companies during the exploitation phase. The ministry noted that these fiscal changes were the primary drivers of the increase.
The rise in government earnings came despite a 23% decline in industrial gold production in 2024.
Barrick Gold, the country’s largest gold producer, suspended operations at its Loulo-Gounkoto complex in January 2025 after the military-led government seized three metric tons of gold from its reserves. The government had already been blocking exports from the site since November 2024.
A separate document from the mines ministry, reviewed in March, projected a slight recovery in gold output for 2025. However, the forecast was based on expectations that Barrick would resume operations in March—something that did not happen.
