Mali Recovers $1.2 Billion from Mining Companies, Expects Higher Annual Revenues
Mali has recovered 761 billion CFA francs, equivalent to about $1.2 billion, in unpaid taxes and royalties from mining companies, the country’s Finance Minister has announced. The recovery follows a major audit of the mining sector, one of the largest clawbacks in Mali’s extractive industry.
The military-led government began auditing the sector in early 2023, uncovering significant shortfalls in payments owed to the state. This led to the introduction of a new mining code, which increased royalty rates, raised the state’s stake in mining companies, and removed stability clauses that had previously protected companies from changes in the law.
After the audit, a recovery commission was established to collect the unpaid funds. Reports by auditing firms Inventus and Mozar had flagged irregularities and estimated arrears ranging from 300 to 600 billion CFA francs.
Finance Minister Alousséni Sanou said the recovered sum includes payments from several major operators. While he did not confirm if the $1.2 billion includes the recent 244 billion CFA francs settlement with Barrick Mining, the country’s largest gold producer, other companies such as B2Gold, Allied Gold, Resolute Mining, Endeavour Mining, and lithium producers Ganfeng and Kodal had already settled their arrears and adopted the new mining code.
“I am very pleased with these results,” Sanou said, noting that the government exceeded its initial target of 400 billion CFA francs in arrears. He added that all mining companies will now operate under the 2023 code, which is expected to increase annual revenues. Audited firms alone are projected to contribute 586 billion CFA francs each year, bringing total expected contributions to about 1,022 billion CFA francs.
The audit and legal processes cost the government 2.87 billion CFA francs. Mamou Touré, a member of the renegotiation committee, emphasized that the government’s goal was not only to recover unpaid funds but also to secure a significant state stake in mining contracts, ensuring long-term benefits for Mali.
Mali, one of Africa’s top gold producers, relies heavily on mining for export earnings and government revenue. However, the increased scrutiny and changes in the mining code have affected production. Industrial gold output fell by 32% year-on-year to 26.2 metric tons by the end of August 2025, showing the short-term challenges of tightening oversight while aiming for long-term gains.
The government believes that with the new mining code, both state revenues and accountability in the sector will improve, securing Mali’s financial stability in the coming years.
