Mali: gold revenues rise 35% to 763.7 billion in 2022

(Agence Ecofin) – In Mali, gold mining accounts for around 9% of GDP and more than half of tax revenues. Industrial production, which reached 66.2 tonnes of gold in 2022, is dominated by companies based in Canada, Australia and the UK.

In Mali, public revenues from gold mining reached a record 763.7 billion CFA francs ($1.3 billion) in 2022. At least, that’s the information reported on Wednesday July 19 by the Reuters news agency, quoting Mamadou Sidibe, head of the statistics department at the Ministry of Mines.

This amount, which represents a 35% jump on the previous year, is explained by “the excellent performance of all collection services, namely the tax, customs and estates services“, added the official. The lifting of several tax exemptions since 2021 and the rise in industrial gold production may also have played a role.

Mali recorded industrial production of 66.2 tonnes of gold in 2022, up 4% year-on-year. Production is set to rise to 67.7 tonnes in 2023, according to forecasts by the Ministry of Mines.

Barrick Gold, B2Gold, Hummingbird Resources, Allied Gold and Resolute Mining are just some of the companies active in the West African country. According to the database ofEcofin Pro,Agence Ecofin ‘s platform for professionals, Australia, the UK and Canada are the three countries where foreign companies active in industrial gold mining in Mali are based.

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