Junta-led Mali begins construction of gold refinery in partnership with Russia
Mali is constructing a new gold refinery supported by Russian investment to enhance control over its natural resources.
The refinery will be majority owned by the Malian government with a 38% stake held by Russian firm Yadran.
This initiative aligns with regional efforts to mandate domestic processing of gold for economic benefits.
Mali has begun building a new gold refinery backed by Russia, a move its military-led government says will help the country gain greater control over its natural resources.
The newly formed refinery will be 62% owned by the Malian government, with Russian firm Yadran holding the remaining 38% stake.
Speaking at the groundbreaking ceremony, interim President Colonel Assimi Goïta said the facility is part of broader efforts to require all mining companies to refine gold domestically under a revised mining code, though no timeline has been set for enforcement, according to Reuters.
The refinery marks a shift across the Sahel region, where countries like Guinea, Niger, and Burkina Faso have also updated mining laws to mandate local processing, aiming to add value to exports and retain more revenue.
Upgrade to global standard
Since 1980, Mali's gold has been exported unprocessed to countries like the UAE, South Africa, and Switzerland, costing the country valuable income that could support economic development, according to Goïta.
Despite the country's status as Africa's second-largest gold producer, it lacks an internationally certified refinery. The country's two existing facilities have been unable to meet the standards required by global bodies like the London Bullion Market Association (LBMA), forcing miners to refine their gold abroad.
The new refinery will produce gold with a purity of 99.5%, adhering to international certification standards.
Constructed on a five-hectare site near Bamako's international airport, the refinery will have the capacity to process up to 200 metric tons of gold annually, a significant leap from Mali's current processing capacity of about 50 tons.
The refinery is part of Goïta's broader mining reforms since coming to power in 2021 and distancing Mali from Western allies.
Goïta added that the refinery will improve gold traceability and help curb the billions lost to smuggling, a challenge many African nations face in the absence of certified refineries and tracking systems.
Since seizing power in 2020, Mali's military government has vowed to overhaul the mining sector to ensure the state captures a larger share of gold revenues. These reforms are projected to boost annual government income by about $950 million, representing nearly 20% of the national budget.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
3 hours ago
Ukraine urges Trump admin to 'strangle' Russian economy amid nuclear tensions
LONDON -- Ukrainian President Volodymyr Zelenskyy's top adviser urged the U.S. to "strangle" Russia's economy by imposing secondary sanctions on Moscow's trading partners, as the White House push for a ceasefire appears to languish. "Sanctions are working," Andriy Yermak, the head of Zelenskyy's office, wrote on Telegram on Sunday, citing data he said shows a collapse in Russian railway capacity over the past 12 months. "The economy, geared for war, cannot withstand the pressure and is holding on only through the sale of energy resources," Yermak wrote. "It is possible to strangle the economy with secondary tariffs proposed in the USA." Yermak appeared to be referring to proposals from President Donald Trump and a bipartisan group of senators to impose secondary sanctions on nations doing business with Russia, particularly those purchasing fossil fuels from the country. China and India are among the top importers of Russian energy products. On July 14, Trump said he would give Russian President Vladimir Putin 50 days to agree a ceasefire with Ukraine, after which he would consider imposing secondary sanctions and other measures. On July 29, Trump cut the window to 10 days, citing frustration with Russia's continued drone and missile strikes on Ukrainian cities. The deadline will now expire on Aug. 8. The threats raised hopes in Kyiv of a sustained White House pivot to back Ukraine's efforts to repel Russia's invasion, now in its fourth year with combat still raging all along the 600-mile front in the east and south of the country. Official statements from Kremlin spokesperson Dmitry Peskov were relatively muted. But Dmitry Medvedev -- the former Russian president and prime minister now serving as the deputy chairman of the country's Security Council -- framed Trump's ultimatum as "a threat and a step towards war. Not between Russia and Ukraine, but with his own country." Medvedev's comments prompted Trump to then order two nuclear submarines to move to "appropriate regions," citing "highly provocative statements" from Medvedev, who has become known as a particularly hawkish voice within Putin's security establishment. "A threat was made by a former president of Russia and we're going to protect our people," Trump said. Meanwhile, Ukrainian officials continued their appeals to the U.S. to respond to perceived Russian provocations with concrete measures. "Ceasefire proposals have been made long ago -- Ukrainian proposals, U.S. proposals and many others around the world have communicated this to the Russians," Zelenskyy said in a statement posted to Telegram on Friday. "Each time, the only response from there has been attempts to gain more time for war, more time for terror," he said. "Russia does not operate otherwise." "So it is very important that the prospect of new sanctions, strong sanctions, has now begun to put pressure on Russia -- and not only against the aggressor state itself," Zelenskyy added. "All Russian finances, every scheme that fills the Russian budget, must be targeted by the world." Both Russia and Ukraine have continued their long-range strike campaigns despite White House pressure to agree to a ceasefire. In July, Russia set a new monthly record for strikes on Ukraine, launching 6,443 drones and missiles into the country, according to data published by the Ukrainian air force. Russia's Defense Ministry, meanwhile, reported downing 3,008 Ukrainian drones across July. The attacks continued through into Sunday morning. Ukraine's air force said Russia launched 76 drones and seven missiles into the country, of which 60 drones and one missile were shot down or otherwise suppressed. Six missiles and 16 drones impacted across eight locations, the air force said, with debris from falling targets reported in two locations. In Mykolaiv, a missile strike injured at least seven people, according to the local military administration. Three houses were destroyed and at last 37 other buildings damaged, the administration said. In Russia, the Defense Ministry said it shot down at least 96 Ukrainian drones overnight. Artem Korenyako, a spokesperson for Russia's federal aviation agency Rosaviatsiya, said in posts to Telegram that temporary restrictions were introduced at airports in St. Petersburg, Kaliningrad, Pskov and Sochi. In Sochi, on the Black Sea coast, local officials said falling drone debris set fire to a major oil depot. And in the Voronezh region, local Gov. Alexander Gusev said four people were injured by Ukrainian attacks, which also set fire to a residential building.
New York Post
3 hours ago
- New York Post
India to maintain Russian oil import despite Trump threats, government sources say
India will keep purchasing oil from Russia despite President Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the US, Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. 3 President Trump spoke with reporters before boarding Marine One on Friday. AP But the sources said there would be no immediate changes. 'These are long-term oil contracts,' one of the sources said. 'It is not so simple to just stop buying overnight.' Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. 3 Russian President Vladimir Putin and India's Prime Minister Narendra Modi greeted each other at a meeting in New Delhi in Dec. 2021. AFP via Getty Images However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a 'steady and time-tested partnership' with Russia. 'On our energy sourcing requirements … we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances,' he said. The White House did not immediately respond to requests for comment. INDIA'S TOP SUPPLIER Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on US imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. 3 An oil pump jack outside of Almetyevsk,Russia on July 14, 2025. REUTERS Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 – when sanctions were first imposed on Moscow – due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy – a refinery majority-owned by Russian entities, including oil major Rosneft, and major buyer of Russian oil – was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
CNBC
6 hours ago
- CNBC
India to maintain Russian oil imports despite Trump threats, government sources say
India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
