Mali’s gold reserves have experienced a significant decline, dropping 17% from 881.7 metric tons in 2022 to 731 metric tons in 2024.
The data, released by the country’s mines ministry, underscores the challenges facing Mali’s gold mining industry.
As one of Africa’s leading gold producers, Mali hosts major mining companies such as Barrick Gold, B2GOLD, and Resolute Mining.
However, the recent decline in reserves raises concerns about the long-term sustainability of the industry.
While the mines ministry did not disclose the specific reasons for the decrease, several factors could be contributing to the trend.
These may include fluctuations in global gold prices, operational challenges, or changes in mining regulations.
Among the country’s gold mines, Syama mine, owned by Australian company Resolute Mining, holds the largest reserves at 141 tons.
Allied Gold’s Sadiola mine and B2GOLD’s Fekola mine follow with reserves of 108.1 tons and 107.7 tons, respectively.
Mali’s industrial gold production also faces a downturn, with an expected 14% decrease from 66.5 tons in 2023 to 57.3 tons in 2024.
At the current rate of production, the country’s reserves represent approximately 11 years of output.
In an effort to bolster the gold industry, Mali signed an agreement with Russia last November to establish a gold refinery with an annual capacity of 200 tons.
This initiative aims to add value to the country’s gold resources and reduce its reliance on exporting raw materials.