Since coming to power in August 2020, General Assimi Goïta, Mali's transitional president, has made economic sovereignty a top priority. At the heart of this ambition lies the mining sector, dominated by gold, which represents a crucial financial windfall for Mali. With the adoption of the new mining code in August 2023, President Goïta has put in place a bold strategy to regain control of national resources, relying on a small team of technicians and loyalists.
Mali is Africa's third-largest gold producer, with an annual output of approximately 73.9 tonnes in 2024, according to the Ministry of Mines. This sector, which accounts for 25% of GDP and 75% of exports, has long been dominated by foreign multinationals such as Barrick Gold (Canada) and Resolute Mining (Australia). However, under the leadership of President Assimi Goïta, the new 2023 mining code aims to rebalance profits in favour of the Malian state. Among the key measures:
- Increase in the government's share: The government's stake in mining projects increases from 20% to 35%, with an option to acquire an additional 10%.
- Increased taxation: Companies must pay new taxes and settle tax arrears, or face severe penalties.
- Targeted nationalisation: The Morila and Yatéla mines are now entirely under state control, marking a major step towards economic sovereignty.
- Sector audit: An audit commissioned by Goïta revealed irregularities in mining contracts, justifying tough renegotiations.
This reform is part of a broader sovereignist vision aimed at reducing dependence on foreign partners and maximising revenues for national development. In January 2025, Finance Minister Alousséni Sanou announced that mining revenues could triple by the end of the year, citing a payment of 20 billion CFA francs (30.5 million euros) by a mining operator as an example.
To implement this strategy, President Goïta relies on a close-knit team of experts and loyalists, many of whom come from the military or circles close to power. According to Jeune Afrique, this "task force" is the driving force behind the sovereignist mining policy. Among the key figures are:
- Mamou Touré, the strategist: A former Randgold executive and co-founder of the Iventus Mining consultancy, Touré is the brains behind the renegotiations with multinationals. His knowledge of the sector and his unapologetic nationalism make him a formidable negotiator, particularly for Barrick Gold, with whom tensions are running high.
- Alousséni Sanou, the guardian of finances: As Minister of Economy and Finance, Sanou oversees tax revenues from the mining sector. His optimism about tripling revenues reflects the government's firm stance towards foreign operators.
- Lamine Seydou Traoré, the influential former minister: Although he left the Ministry of Mines in 2023, Traoré remains a strategic advisor, despite being summoned to court in 2024 in a case related to Électricité du Mali.
- Zoumana Makadji, the judicial administrator: Appointed provisional administrator of the Loulo-Gounkoto mine, Makadji embodies the state's control over Barrick Gold's operations, whose offices in Bamako were closed in April 2025.
Their mission is to force multinational companies to comply with the 2023 mining code.
President Goïta's strategy is based on coercive measures that have transformed relations with mining companies. Since 2023, Bamako has stepped up pressure:
- Seizures and arrests: In January 2025, three tonnes of gold were seized at the Loulo-Gounkoto mine, and four Barrick Gold employees were detained in September 2024. Similarly, Resolute Mining CEO Terence Holohan was arrested in November 2024, before being released following an agreement to pay $160 million to the state.
- Closures and nationalisations: The Loulo-Gounkoto mine, the largest in the country, was placed under provisional administration in May 2025, and its offices in Bamako were reopened under judicial supervision. The Morila and Yatéla mines were nationalised in June 2025.
- Tense renegotiations: Allied Gold, B2Gold and Robex agreed to come under the new mining code in September 2024, but negotiations with Barrick Gold, led by Mark Bristow, remain deadlocked, with an estimated shortfall of $2,943 per ounce in January 2025.
These actions have caused tensions. However, supporters of President Goïta praise his leadership, claiming that gold revenues have increased by 50% thanks to France's expulsion and the new mining policy.
President Assimi Goïta's mining strategy has redefined the balance of power between Mali and multinational companies, strengthening the state's control over its resources. The nationalisation of Morila and Yatéla, the construction of a gold refinery and projects such as a nuclear power plant and a lithium factory are evidence of a long-term ambition. However, the success of this policy will depend on the government's ability to reconcile economic sovereignty, attractiveness to investors and transparency in revenue management.
President Assimi Goïta, surrounded by his staff, has made the mining sector the spearhead of his sovereignist policy in Mali. By imposing a new mining code and challenging multinationals, he seeks to maximise profits for the Malian people, while diversifying the economy with ambitious projects.