Mali completes agreement with Russia to found gold refinery in Bamako
Date
11/23/2023 3:04:32 AM
(MENAFN) Malian officials have confirmed the completion of an agreement with Russia to establish a gold refinery in Bamako, the capital city.
The ongoing bilateral relations between the two nations have resulted in various agreements, notably the construction of a significant gold refinery with an annual capacity of 200 tons, marking it as the largest in West Africa.
As per the announcement made by Minister of Economy and Finance, Alousseni Sanou, the memorandum outlining this initiative remains valid for an unspecified duration of four years. Sanou shared this information during an interview with the national television station ORTM late on Tuesday.
The initiative aims to enable "not only to control all gold production, but also to correctly apply all taxes and duties," he stated.
In 2022, Mali, a prominent gold producer in Africa, generated 72.2 tonnes (79.6 tons) of gold, with 66.2 tonnes attributed to industrial production, marking an 8.4 percent increase, as reported by the Malian statistical agency.
Gold plays a crucial role in Mali's fiscal resources, contributing approximately one-quarter of the country's financial revenue and positioning it among the leading gold-producing nations on the continent. The majority of Mali's gold exports are directed to South Africa, with Switzerland and Australia following as significant destinations.
The diplomatic ties between Mali and Russia have seen notable strengthening in recent years, particularly in the aftermath of a coup on May 24, 2021, and the withdrawal of French forces from Operation Barkhane in 2022.
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