(Ecofin Agency) - In 2023,  Mali adopted a new Mining Code, which increased the state's stake in mining projects to up to 35%, against 20% before. At a Council of Ministers meeting on February 26, the Malian authorities announced several implementing decrees for this code.

These decrees establish five key funds to support the mining industry. One of these is the Local Development Mining Fund, which will finance development projects across national, regional, and local communities. Another fund focuses on rehabilitating and securing artisanal mining sites, aiming to eliminate chemical use in mining operations.

Additionally, officials are setting up a fund to promote the mining sector by enhancing industry capabilities through capacity building. Two more funds are being established: one for constructing hydraulic and transport energy infrastructure, and another for financing geological research, capacity building, and training initiatives.

The first fund will cover energy production infrastructure and logistical needs, while the second will support geological research and training activities. According to the press release, these funds align with the objectives of the new 2023 Mining Code, aiming to increase the sector's contribution to the national economy and promote local development. The resources for these funds will come from holders of industrial and artisanal mining licenses operating in the country.

Mali has successfully recovered up to CFA500 billion (approximately $798 million) in unpaid taxes through reforms and negotiations with mining companies, as Finance Minister Alousseni Sanou reported in December 2024. By the end of the first quarter of 2025, Bamako anticipates collecting CFA750 billion.

The new Mining Code applies to several ongoing projects, including Hummingbird's Yanfolia mine, Allied Gold's Sadiola mine, and B2Gold's Fekola Regional mine.

This article was initially published in French by Aurel Sèdjro Houenou (intern) 

Edited in English by Ange Jason Quenum