Mali is taking a significant step toward reshaping its gold industry by securing majority ownership 62% in a national gold refinery built in partnership with Russian company Yadran, according to a report by Efofin Agency.
Announced officially by the Council of Ministers back in may, the project marks a strategic pivot to keep more of the country’s gold value chain within its borders.
Developed through close collaboration with Yadran, the facility is expected to process up to 200 tons of gold annually.
Until now, much of Mali’s industrial gold output has been shipped abroad mostly to Switzerland for refining.
With this new partnership, Mali aims to shift that dynamic and root more of the economic benefits locally.
The move builds on an agreement signed in 2024 and reflects a broader national effort to integrate the mining sector more fully into Mali’s economy.
Gold is Mali’s top export and a key source of public revenue, accounting for around 10% of GDP. In 2024 alone, industrial production reached roughly 51 tons.