Mali takes increasing control of its gold sector

Over the past two years, Mali has adopted an increasingly assertive stance in the management of its gold mining sector, the country's historical and economic mainstay. This strategy, marked by increased pressure on foreign investors, recently culminated in the temporary closure of Barrick Gold's Bamako office in mid-April due to a tax dispute. This development illustrates the Malian government's ambition to maximise the economic benefits of gold, while raising questions about relations with international partners.

In 2024, revenues from gold jumped by 40% to $1.4 billion. This spectacular increase reflects Mali's efforts to strengthen control over its natural resources. Gold, which accounts for 7% of GDP and three-quarters of the country's exports, is a strategic lever for diversifying an economy historically dependent on agriculture and cotton. In the long term, this policy could not only stabilise the Malian economy, but also inspire other nations in the Sahel and on the African continent.

Mali's association with gold goes back centuries, epitomised by the legendary figure of Mansa Musa, a 14th-century emperor. Known for his extravagant pilgrimage to Mecca, where he is said to have distributed colossal quantities of gold - estimated at between half a tonne and 20 tonnes, depending on the source - Mansa Musa forged an image of opulence that endures to this day. Today, with reserves estimated at 900 tonnes, mainly in the south and west of the country, Mali ranks among Africa's major producers, alongside South Africa, Ghana, Tanzania and Sudan.

Gold mining in Mali, which was initially small-scale, took an industrial turn after independence. In the 1980s, the Soviet Union played a decisive role by supporting the launch of the Kalana mine, which produced 500 kg of gold a year, and by helping to train Malian geologists through the national geology school. Since the 1990s, market reforms have attracted foreign investors, boosting production from 1 tonne in 1990 to 50 tonnes today. Giants such as Barrick Gold (Loulo-Gounkoto mine) and Resolute Mining (Syama mine) dominate the sector, although artisanal mining persists, often marred by illegal activities such as smuggling or the financing of armed groups.

While the current strategy strengthens public finances, it is not without risks. Pressure on players such as Barrick Gold could slow down foreign investment, which is crucial to maintaining growth in the sector. In addition, artisanal mining, particularly in the north and south-west, remains a major challenge because of its link with regional insecurity. The government will have to strike a balance between regulating these activities and preserving stability.

By taking the reins of its gold sector, Mali is sending out a strong message: natural resources must first and foremost benefit the local population. If this approach results in lasting macroeconomic stability, it could become a model for other mineral-rich African countries. However, the success of this strategy will depend on Mali's ability to reconcile economic sovereignty, international partnerships and regional security.