Mali has officially commenced the construction of a new gold refinery in Senou, near the capital Bamako, marking a significant move in its efforts to gain greater control over its natural resources. Backed by Russia’s Yadran Group and a Swiss investment firm, the refinery is designed to process 200 tons of gold annually almost four times Mali’s current production capacity.
Interim President Colonel Assimi Goita led the groundbreaking ceremony, emphasizing that the project aligns with the country’s revised mining code, which mandates all mining companies to refine gold domestically. “Since 1980, Mali’s gold has been exported for refining to countries like the UAE, South Africa, and Switzerland,” Goita said. “This deprives our country of substantial revenues that could be used for the development of its economy.”
The refinery is part of broader mining reforms Goita has implemented since taking power in 2021 and distancing Mali from traditional Western allies. The government has not set a completion date for the plant, but once operational, it will produce dore bars semi-pure gold bars—for export.
Yadran Group President Irek Salikhov noted that the refinery aims to become a regional hub, capable of processing gold not only from Mali but also from neighboring countries such as Burkina Faso. This ambition reflects a growing trend in the Sahel region, where nations like Guinea, Niger, and Burkina Faso have revised their mining laws to prioritize local beneficiation and resource sovereignty.
Despite its rich gold reserves, West Africa lacks a certified and fully functional refinery. Previous efforts by countries like Ghana have faced challenges. Mali’s new facility, if successful, could shift the balance, curbing smuggling and enhancing traceability in the gold trade.
However, the reforms have caused unease among international investors. Earlier this month, a Malian court placed Canadian miner Barrick’s Loulo-Gounkoto complex under temporary state control amidst a tax dispute, signaling the potential volatility of the new regulatory environment.
Goita remains optimistic that the refinery will improve transparency in gold production and significantly boost national revenues marking a new chapter in Mali’s resource management strategy.
