Mali has completed its takeover of the Yatela and Morila gold mines after both sites were left behind by their former foreign operators, the government announced over the weekend.
This development reflects a broader push by military-led governments in West Africa to reclaim key natural resources and take advantage of rising gold prices to strengthen their economies and reduce dependence on external players.
Mali ranks as Africa’s second-largest gold producer, with an annual output of about 65 tons.
Despite this, the country still lacks an internationally recognised gold refinery.
In response, Mali has started constructing a gold refinery with support from Russia, a move the military government believes will give the nation tighter control over its gold assets, according to a report earlier by Crest Africa.
Even with these bold steps, the future remains uncertain.
The Yatela mine, located in the Kayes region of western Mali, was closed in 2016 by Sadiola Exploration Company, a joint venture between South Africa’s AngloGold Ashanti and Canada’s IAMGOLD, due to falling prices, though untapped reserves remained, Reuters reported.
Similarly, the Morila mine in the Sikasso region was left idle in 2022 by Australia’s Firefinch, which had previously acquired interests from Barrick Gold and AngloGold Ashanti.
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