Mali has announced the recovery of $1.2 billion (761 billion CFA francs) in outstanding payments owed by mining companies operating in the country, following a wide-ranging government audit launched in 2023.
Malian Minister of Economy Housseni Sanou said the recovered amount exceeded the earlier target of 400 billion CFA francs, noting that the new 2023 mining law will now be applied to all companies.
The law is expected to boost annual revenues from the sector by an additional 586 billion CFA francs.
The audit followed previous reports highlighting financial irregularities and revenue shortfalls estimated at up to $1 billion. The effort aimed not only to recover funds but also to renegotiate contracts and increase the state’s share, according to members of the negotiation committee.
The government recently settled a long-running dispute with Canadian giant Barrick Gold, while other companies such as Fabulous Gold and Endeavour Mining have signed new agreements.
Mali is one of Africa’s largest gold producers, and its economy relies heavily on revenue from the sector.
