Mali has made a significant breakthrough in its efforts to boost revenue from its mining sector, recovering $1.2 billion in unpaid taxes and royalties from American and European mining companies. This follows a nationwide audit ordered by President Assimi Goïta, which uncovered major payment gaps across the sector.
The audit revealed between $500 million and $1 billion in tax irregularities, prompting the government to introduce a new mining code that raises royalties, increases state ownership in projects, and scraps long-term stability clauses.
“We will sell our uranium to whoever wants to buy it, in complete independence and according to market rules,” said a similar sentiment by General Abdourahamane Tiani, though in a different context, highlighting the country’s push for greater control over its natural resources.
Canadian mining company Barrick Gold has repaid $400 million of unpaid taxes, while other European mining companies like B2Gold, Allied Gold, Resolute, Endeavour, and lithium producers such as Ganfeng and Kodal have also settled their arrears.
“I am delighted with these results, among which we can mention the recovery of 761 billion CFA out of a target of 400 billion,” said Economy and Finance Minister Alousséni Sanou.
The government expects annual mining revenues to exceed $1.6 billion under the 2023 code, with gold accounting for nearly 80% of Mali’s export earnings.
This move is part of Mali’s broader effort to assert its sovereignty and reduce reliance on Western partnerships, aligning with a growing trend of resource nationalism among African nations.