Mali has officially begun construction of its first-ever gold refinery, a move designed to increase national control over its gold resources and advance the country’s pursuit of “economic sovereignty” as Mali, along with its allies in the Alliance of Sahel States (AES) seek to move away from Western influence.
The announcement was made Monday by Mali’s interim president, Colonel Assimi Goïta, during a foundation stone-laying ceremony for the facility.
The project is being built in partnership with the Russian conglomerate Yadran Group, under an agreement initially drafted in November 2023 and formally approved by the military-led government last month.
According to Mali’s Economy Minister Alousséni Sanou, the Malian government will retain a 62% controlling stake in the refinery, with Yadran Group holding the remaining 38%.
Once completed, the refinery is expected to be the largest in Africa, with the capacity to process 200 tonnes of gold per year—four times Mali’s current annual production levels.
Since taking power in a series of coups in 2020 and 2021, Mali’s military-led government has taken significant steps to reclaim national sovereignty by expelling French forces, strengthening regional alliances, and asserting greater control over natural resources previously dominated by Western firms. This effort includes the passage of new mining laws aimed at increasing state revenue and ownership.
On Monday, a Malian court ruled that the Loulo-Gounkoto gold mine—previously operated by Canadian mining giant Barrick—can be placed under temporary government control for six months following Barrick’s January shutdown of the site amid a tax dispute. The mine, which is Mali’s largest and among the top ten globally, had previously been 80% controlled by Barrick.
Analysts suggest the court ruling may pave the way for the mine’s eventual full nationalization by the Malian government.
Construction of the new refinery is expected to take between 18 to 24 months, with projected revenue increases of nearly $1 billion annually once the facility becomes operational.