Mali's Industrial Gold Production Drops by 23% in 2024
The Malian Ministry of Mines has reported that the country's industrial gold production decreased by 23% in 2024, from 66.5 to 51 tonnes. This figure excludes December's production from Barrick Gold due to a dispute with the military government over the 2023 mining law.
Barrick suspended its activities at Loulo-Gounkoto after the authorities seized its gold reserves, and four of its employees have been detained since November on allegations of money laundering and financing terrorism, which the company denies.
The new mining code, which increases taxation and strengthens state participation, is deterring investments, according to several sector leaders. On the other hand, the government claims that mining companies, including Barrick, are not paying their fair share of taxes.
With a total estimated production of 58.7 tonnes, including 6 tonnes from artisanal mining, Mali has recorded its lowest production in over three years. Barrick Gold remains the leading producer with 19.4 tonnes (excluding December), followed by B2Gold (13.7 tonnes) and Resolute Mining (7.2 tonnes).
