Mali Recovers $1.2 Billion From Mining Companies After Major Audit Shake-Up
Mali has scored a big win in its mining sector, recovering $1.2 billion in unpaid taxes and royalties after a nationwide audit exposed huge payment gaps dating back years.
The 2023 audit revealed $500 million–$1 billion in irregularities, prompting the government to introduce a new mining code that raised royalties, increased state ownership in projects, and scrapped long-term stability clauses that previously protected companies from legal changes.
The tougher rules triggered disputes with several operators, including a two-year standoff with Barrick, Mali’s largest gold producer. A settlement was finally reached in November, though it’s still unclear if Barrick’s ~$400 million payment is included in the recovered $1.2 billion.
Other major players—B2Gold, Allied Gold, Resolute, Endeavour, and lithium giants like Ganfeng and Kodal—have also settled arrears under the new framework.
With these reforms, Mali expects its annual mining revenue to surpass $1.6 billion, marking a major turning point for one of Africa’s top gold-producing nations.