Mali: gold production set to fall sharply in 2024.

Mali's gold sector, a pillar of the national economy, saw a significant drop in production in 2024. While industrial gold production reached 66.5 tonnes in 2023, it has fallen to 51 tonnes, a decrease of 23%. This decline puts Mali, Africa's fourth-largest gold producer, in a complex situation, with the gradual exhaustion of certain mines and growing tensions between the government and the mining companies.

One of the main reasons for this fall in production is the exhaustion of ageing mines. Sites that have been in operation for decades are seeing their reserves dwindle, making extraction less profitable. The Morila mine, south of Bamako, is a striking example, with a declining gold content that is making mining more difficult. What's more, the lack of investment in modernising mining infrastructure is limiting the scope for optimising the remaining deposits.

The situation has been exacerbated by tensions between the Malian authorities and mining companies, particularly since the adoption of the new mining code in 2023. This legislative framework aims to increase state revenues from gold mining, but it has provoked strong reactions from companies operating in the country. Barrick Gold, one of the main players in the sector, has seen part of its gold reserves seized by the government, along with the arrest of several employees. These tensions led to the suspension of activities at the Loulo-Gounkoto site, a major blow to the Malian gold industry.

These legal and economic conflicts could slow down foreign investment, threatening the stability of the gold sector. Companies such as B2Gold, AngloGold Ashanti and Resolute Mining, which operate major sites such as Fekola, Morila and Syama, are closely monitoring developments.

Faced with these challenges, Mali must re-establish a constructive dialogue with the mining companies to ensure the sustainability of an industry that is essential to its economy. The country's ability to strike a balance between legislative reform and attractiveness to investors will be decisive for the future of the Malian gold sector.