Amid rising resource nationalism in West Africa, the Malian government has announced the creation of the Société de Participation Minière du Mali (Sopamim), a wholly state-owned entity responsible for managing public stakes in producing mines. This initiative, effective in February 2026, is part of a broader strategy to increase national control over mineral wealth and promote economic sovereignty, according to recent analyses published by sources specialising in natural resources.
The reform of Mali's mining code, initiated in 2023, increased the minimum participation of the State and local communities from 20% to at least 35% in mining projects. Sopamim complements this structure by centralising the management of existing mining assets, while the Société de Recherche et d'Exploitation Minière (Sorem), created in 2022, focuses on the exploration and development of new sites. This hybrid approach allows Mali to maintain operational partnerships with international companies while capturing a larger share of the profits from the exploitation of resources, particularly gold, which represents a significant part of the Malian economy.
According to data reported by Reuters, this policy of resource nationalism has already borne fruit: government revenues from the gold sector increased by 52.5% in 2024, the first full year of implementation of the new fiscal and participatory framework. "Fiscal improvements and increased state participation in Mali have generated substantial budgetary progress, validating the government's expectations for resource nationalism policies," according to a recent analysis by the agency.
This trend is not unique to Mali. In Guinea, the state's share in mining projects was raised from 15% to 35% between 2022 and 2023, with a notable improvement in tax collection. In Niger, a similar increase from 20% to 40% was implemented between 2024 and 2025, including provisions for windfall profits. These regional developments, particularly in the jurisdictions of the West African Economic and Monetary Union, aim to harmonise tax regimes, optimise revenues and promote the development of local content, such as infrastructure and vocational training.
For international mining companies such as Barrick Gold, Resolute Mining, Endeavour Mining and Hummingbird Resources, which operate mainly in western and southern Mali, this change requires significant adjustments. The dilution of private shareholdings – now limited to a maximum of 65% – and increased compliance costs require portfolio diversification, greater diligence and closer integration with local stakeholders. Experts point out that these changes, while posing operational and financial challenges, could be transformed into opportunities for sustainable partnerships, including technology transfers and joint infrastructure investments.
However, challenges remain. Frequent regulatory changes – three reforms in Mali between 2022 and 2026 – and political instability under military administrations increase risks for investors. Managing relations with partner states, diluted decision-making and community obligations, such as investments in education and health, add to the complexity. Regional coordination could mitigate these risks by promoting harmonised governance and strengthening investor confidence.
On the horizon, the outlook points to a shift towards next-generation partnerships, with performance-related stakes, measurable technology-sharing agreements and alignment with environmental, social and governance (ESG) criteria. For African countries, this strategy of state control over mineral resources represents a step towards greater economic sovereignty, in response to decades of extraction of value perceived as unequal by foreign operators.
This Malian initiative illustrates a broader movement in Africa, where governments are seeking to balance development imperatives with fiscal pressures linked to volatile commodity prices. International observers are calling for careful navigation to transform resource nationalism into an inclusive and sustainable development model.