Mali military-led government is tightening its grip on the country’s most lucrative export by launching a state-majority-owned gold refinery in partnership with Russian firm Yadran, in a bold effort to process gold domestically and curb offshore leakages of bullion revenue.
Finance Minister Alousseni Sanou told reporters in Bamako that the new entity, SOROMA-SA, would be 62 percent owned by the Malian state, with Yadran holding the remaining 38 percent. The project is part of the country’s sweeping economic sovereignty initiative aimed at stemming illicit financial flows from resource sectors.
Refinery to boost gold processing capacity
The refinery, to be constructed on a five-hectare site near Bamako’s airport, will have the capacity to process 200 metric tonnes of gold annually, Sanou announced. That’s a fourfold jump from Mali’s current local refining capacity of just 50 tonnes.
Mali, Africa’s second-largest gold producer, is among several West African states rewriting mining laws and ramping up domestic control over critical minerals. Under its revised mining code, approved by the National Transition Council, the state now claims larger stakes in projects, has raised gold royalties, and made local processing mandatory. Similar shifts in Burkina Faso, Niger, and Guinea have shaken Western investor confidence, even as these countries deepen economic ties with Russia and China.
Compliance support and global certification
The refinery, Sanou said, will help miners comply with the new legal requirements. ‘This project will significantly enhance our national capacity to capture and retain gold revenue,’ he noted.
Mali’s two existing refineries are not certified by the London Bullion Market Association (LBMA), limiting their access to global markets. A senior official in the Mines Ministry, speaking to Reuters on condition of anonymity, confirmed that Yadran is expected to assist in securing international certification—a long-standing barrier that has forced most Malian-mined gold to be refined abroad.
Goïta to launch works later this month
According to the Mines Ministry, military leader Colonel Assimi Goïta will formally commission the refinery’s construction later in June. The move is symbolic of Mali’s broader push to assert financial sovereignty following years of foreign exploitation in its mining sector.
Sanou added that alongside infrastructure, Mali is moving to prosecute corruption and revenue leakages linked to mineral exports. Authorities are now tracking past contracts and offshored proceeds.
Credit: Africabriefing
