BAMAKO, June 16 (Xinhua) -- Malian President Assimi Goita on Monday laid the foundation stone for a new gold refinery in a suburb of Bamako, the capital of Mali.
The cost of the refinery has not been disclosed, but the facility will cover five hectares and is expected to have an annual refining capacity of 200 tonnes of gold once completion in two years.
Until now, Mali's gold has been exported for refining and sale to countries such as the United Arab Emirates (UAE), South Africa, and Switzerland.
The plant will be operated by Mali's gold refinery company SOROMA-SA, a joint venture with the Russian company Yadran, in which the Malian state will hold a majority stake of 62 percent.
"The establishment of the Mali gold refinery is a reaffirmation of our economic sovereignty. It allows us not only to control but also to improve the traceability of gold production. It also enables us to better capitalize on revenues from gold and its by-products," Goita said.
"The new gold refinery will be the only facility to refine gold produced by all mining companies operating in Mali. This will increase both direct and indirect employment opportunities for Malian youth," he added, praising the ever-strengthening cooperation between Mali and the Russian Federation.
"I would like to express my deep gratitude to the President of the Republic of Mali and the government for their support of this project, which marks an important step in the development of Mali's economy and that of the wider Sahel region," said Irek Salikhov, board chairman of the Yadran Group.
To make the most of its gold production, Mali has undertaken major reforms since 2023, including the adoption of a new mining code allowing for up to 30 percent state participation in mining projects, and a local content law requiring foreign companies to open up 5 percent of their capital to Malian stakeholders.
In 2024, Mali officially produced 51 tonnes of gold.
