The Malian government has officially nationalized two additional gold mines, reinforcing its push to reclaim control over the country’s vast mineral wealth. The Yetala and Morila gold mines—both previously operated by Western firms—are now under the full authority of the military-led government in Bamako.
General Assimi Goïta's administration announced the nationalization as part of a broader strategy aimed at boosting state revenues and curbing foreign dominance over strategic resources. The Yetala mine, located in the Kayes region in southwestern Mali, was previously operated by IAMGOLD and AngloGold Ashanti, but production ceased in 2017 due to high operating costs. Despite this, geologists believe that untapped reserves may still remain.
Meanwhile, the Morila mine, situated in the Sikasso region of southern Mali, was once jointly operated by Barrick Gold and AngloGold Ashanti before production was halted in 2020, again citing operational expenses.
Mali introduced a revised mining code in 2023 aimed at increasing government ownership and profit shares in the mining sector. The reforms have triggered disputes with several foreign operators. Most notably, in April, the government shut down the offices of Barrick Gold amid a tax dispute related to the new laws, and a Malian court subsequently placed the Loulo-Gounkoto complex—one of the world’s largest gold mines—under state administration last month.
Gold remains the backbone of Mali’s economy, accounting for over 80% of its exports and around 10% of its GDP. The government’s move aligns with a broader regional trend among West African nations such as Niger and Burkina Faso—both of which have experienced recent military takeovers and are now distancing themselves from Western influence in favor of resource nationalism.
These actions come as global gold prices reach historic highs, driven in part by geopolitical uncertainty stemming from U.S. President Donald Trump’s aggressive foreign and economic policies, including escalating tariffs on China and recent airstrikes on Iranian nuclear facilities.