Mali will launch Sopamim, a government-controlled entity designed to consolidate the nation’s ownership interests across its mining sector, officials announced Friday.
The West African nation has steadily tightened its grip on mineral extraction over the past three years. Authorities overhauled industry regulations in 2023, mandating that the state hold at least 35% of mining projects — a sharp increase from the prior 20% requirement. Revenue from gold companies surged 52.5% last year after the government raised tax rates under the new framework.
Mali extracts substantial gold volumes, ranking among the continent’s leading producers. International operators working deposits in the western and southern parts of the country include Barrick Gold, B2Gold, Resolute Mining, Endeavour Mining, and Hummingbird Resources.
Sopamim represents the latest step in Mali’s effort to assert control over natural resources. The Council of Ministers described it as a wholly government-owned vehicle that will acquire and administer the state’s mining portfolio. Niger and Guinea operate similar entities to manage their resource holdings.
Mali established Sorem in 2022 as a state company focused on exploration and development projects. Last month, officials appointed a former Barrick executive to advise the presidency on mining matters.
The regulatory overhaul triggered a lengthy standoff with Barrick. Mali confiscated approximately three tons of gold from the Canadian miner, imprisoned four of its employees, and placed the Loulo-Gounkoto complex under government administration. Barrick filed an arbitration claim with the World Bank tribunal.
The parties reached a settlement last November. Barrick agreed to pay $430 million and comply with the 2023 rules in exchange for resuming operations at Loulo-Gounkoto and the release of detained staff. The company dropped its arbitration case.
Read: Barrick Mining Settles Mali Mine Dispute With $430 Million Payment
Loulo-Gounkoto generated 723,000 ounces last year, positioning it among the 10 highest-producing gold mines worldwide. The ownership structure gives Barrick an 80% stake, with Mali controlling 20%.
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