Mali Strikes Gold Deal with Russia: New Refinery to Boost Control Over Precious Resource

Mali has announced plans to build a major gold refinery in its capital, Bamako, in partnership with Russia.

Mali, Africa’s third largest Gold producer, aims to locally refine its gold locally to end dependence on foreign processing facilities.

With an expected refining capacity of 200 tonnes per year, the refinery is set to significantly boost Mali’s ability to manage its most valuable natural resource: gold.

Mali’s gold reserves are estimated at 800 metric tons, according to a report from CEIC Data and the Ministry of Mines of Mali. This figure has remained constant at 800.000 metric tons since 2020, according to CEIC Data.

Most of Mali’s gold is exported in raw form for refining abroad, mainly in Switzerland and the United Arab Emirates.