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Business Insider
27-06-2025
- Business
- Business Insider
Military hardware, gold refining top agenda in Mali–Tatarstan diplomatic meeting
Mali's transitional President Assimi Goïta is on an official visit to Russia, where military cooperation and gold sector development are high on the agenda. Mali's President Assimi Goïta visited the Kazan Kremlin to discuss military cooperation and the development of Mali's gold sector. Discussions included potential defense equipment acquisitions, economic ties, and collaborative projects like a gold refinery in Mali. These talks aim to build long-term strategic partnerships between Mali and the Republic of Tatarstan aiding Mali's geopolitical realignment. Goïta's visit highlights Mali's growing ties with Moscow in the wake of its exit from ECOWAS and its ongoing military transition—part of a broader effort to redefine the country's geopolitical stance and build new strategic partnerships beyond the West. Following a high-level meeting with Russian President Vladimir Putin in Moscow, Goïta traveled to the Republic of Tatarstan, where he held talks with Rustam Minnikhanov, Rais of the Republic, at the Kazan Kremlin. The Republic of Tatarstan is a semi-autonomous republic within the Russian Federation, located in the Volga Federal District. While it is part of Russia, Tatarstan maintains a distinct cultural identity, with its own president (as a regional head), constitution, and official languages—Russian and Tatar. The meetings reflect both the symbolic and strategic dimensions of the strengthening Mali–Russia relationship, particularly in defense and resource cooperation. Minnikhanov welcomed Goïta to Kazan and expressed gratitude for Mali's interest in collaborating with Tatarstan: ' During your stay, you'll have the chance to become more familiar with our republic's capabilities, its history, culture, and traditions. We, in turn, will ensure your visit is both fruitful and engaging,' he said. The talks also emphasized the rapid economic growth across Africa in recent years and reaffirmed the growing importance of Russia's relations with the continent. Mali, Tatarstan seek relations in military, refining. On the security front, Mali is expected to request advanced military hardware, including drones, armored vehicles, and air defense systems, to reinforce its fight against jihadist insurgencies. During the meeting, Minnikhanov highlighted opportunities for strengthening trade and economic ties between Tatarstan and Mali. He noted that African markets are already familiar with Kazan-produced Mi-series helicopters and KAMAZ trucks, known for their Dakar Rally victories. ' There is a real promise in mechanical engineering, food processing, agriculture, and innovation,' he added. He also pointed to the gold refinery project spearheaded by the company 'Yadran' as a tangible example of ongoing cooperation. The refinery, currently under construction in Mali, is the result of collaboration between the Malian government, Russia's Yadran, and a Swiss investment company. Mali, one of Africa's largest gold producers, aims to boost domestic refining capacity through this strategic partnership. The cornerstone laying ceremony for the refinery took place on June 16. Construction is expected to be completed within 18 months, after which the facility will begin operations with an initial design capacity of 100 tonnes per year. Plans are already in place to expand capacity to 200 tonnes annually in subsequent phases. During his visit to Kazan, Goïta expressed interest in deepening industrial cooperation with Russian enterprises, particularly in the transport and defense sectors. 'We are interested in cooperating with KAMAZ and other enterprises,' Goïta stated, referring to the renowned Russian truck manufacturer known for its durability and performance in challenging environments. Goïta's visit signals a broader strategic shift. As Russia deepens its footprint in West Africa, countries like Mali are increasingly turning to Moscow for support—not only in defense, but also in critical sectors such as mining, infrastructure, and energy.
TimesLIVE
18-06-2025
- Business
- TimesLIVE
Mali starts construction of Russian-backed gold refinery
The government has not provided a deadline for the plant's completion. Once fully operational, it will process all gold produced in Mali into dore bars before it is exported, with a capacity nearly four times Mali's annual gold production. Yadran president Irek Salikhov said at the ceremony the refinery will become "a regional centre for processing gold extracted not only in Mali, but also in neighboring countries such as Burkina Faso". West Africa is a major gold producer, but lacks a functional and globally certified gold refinery despite attempts to create one, including by Ghana, the continent's top gold producer. The refinery is part of Goita's sweeping mining reforms introduced since the military leader seized power in 2021 and severed relations with Western partners. Mali's revised mining code, the same as those of neighbours Guinea, Niger and Burkina Faso, has rattled investors. A Malian court this month put Canadian miner Barrick's Loulo-Gounkoto gold complex under temporary state control, escalating an ongoing dispute over Mali's tax claims. Goita said the refinery would enable Mali to better track its gold production and exports. Like many African countries, it loses billions to gold smuggling due to the absence of certified gold refineries and traceability programmes.
Business Insider
17-06-2025
- Business
- Business Insider
Junta-led Mali begins construction of gold refinery in partnership with Russia
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. 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.
The Star
16-06-2025
- Business
- The Star
Malian president lays foundation stone for gold refinery in Bamako
BAMAKO, June 16 (Xinhua) -- Malian President Assimi Goita on Monday laid the foundation stone for a new gold refinery in a suburb of Bamako, the capital of Mali. The cost of the refinery has not been disclosed, but the facility will cover five hectares and is expected to have an annual refining capacity of 200 tonnes of gold once completion in two years. Until now, Mali's gold has been exported for refining and sale to countries such as the United Arab Emirates (UAE), South Africa, and Switzerland. The plant will be operated by Mali's gold refinery company SOROMA-SA, a joint venture with the Russian company Yadran, in which the Malian state will hold a majority stake of 62 percent. "The establishment of the Mali gold refinery is a reaffirmation of our economic sovereignty. It allows us not only to control but also to improve the traceability of gold production. It also enables us to better capitalize on revenues from gold and its by-products," Goita said. "The new gold refinery will be the only facility to refine gold produced by all mining companies operating in Mali. This will increase both direct and indirect employment opportunities for Malian youth," he added, praising the ever-strengthening cooperation between Mali and the Russian Federation. "I would like to express my deep gratitude to the President of the Republic of Mali and the government for their support of this project, which marks an important step in the development of Mali's economy and that of the wider Sahel region," said Irek Salikhov, board chairman of the Yadran Group. To make the most of its gold production, Mali has undertaken major reforms since 2023, including the adoption of a new mining code allowing for up to 30 percent state participation in mining projects, and a local content law requiring foreign companies to open up 5 percent of their capital to Malian stakeholders. In 2024, Mali officially produced 51 tonnes of gold.
Canada Standard
16-06-2025
- Business
- Canada Standard
African state partners with Russia to boost gold revenues
A joint refinery project in Mali aims to quadruple local output and meet global standards Mali's government will partner with the Russian Yadran Group to establish a state-owned gold refinery aimed at increasing national revenues from bullion production, Reuters reported on Friday, citing the West African country's economy and finance minister. According to Alousseni Sanou, the joint company SOROMA-SA will be majority-owned by the Malian state with a 62% stake, while Yadran will hold the remaining shares. He said the facility would be constructed on a five-hectare site near the international airport in the capital, Bamako and is expected to process up to 200 metric tons of gold annually, almost four times Mali's current capacity of roughly 50 tons. The country's transitional legislative body approved the shareholding structure earlier last week, the officials said, adding that the new firm will support miners in meeting new requirements introduced by the revised mining code. The Sahel state is Africa's second-largest gold producer, according to latest report by the World Gold Council. In 2023, Bamako's new leadership, which came to power after a 2020 coup, introduced a revised mining code allowing the government to claim up to a 30% stake in new projects in an effort to boost state revenues amid rising gold prices. The move, which aligns with similar policies adopted by governments in neighboring Burkina Faso, Guinea, and Niger, also seeks to raise gold royalties and mandate domestic gold processing. Mali currently exports most of its raw gold due to limited refining capacity. Bamako's Mines Ministry reportedly stated that the country's two existing refineries lack international certifications, such as from the London Bullion Market Association (LBMA), which restricts access to global markets. On Friday, Reuters cited a senior official from the Malian Mines Ministry as saying that the partnership with Russia's Yadran is intended to help Bamako secure certification and comply with international trading standards. The Malian-Russian refinery project is being launched amid escalating tensions in recent months between military-led governments in the Sahel and Western mining companies. Late last month, Canadian company Barrick Mining appealed to the World Bank's arbitration tribunal to resolve a legal dispute with Mali, where it risks losing control of its gold operations. Barrick holds an 80% stake in the country's Loulo-Gounkoto mines, with the Malian government owning the remaining 20%. The mines, which produced nearly 700,000 ounces of gold in 2023, have been shut since January, after the government seized three tons of gold over alleged unpaid taxes, a claim Barrick denies. Meanwhile, in neighboring Niger, French nuclear fuel company Oranolostits license to the Imouraren uranium mine in 2024, and later that year the military government seized its subsidiary, Somair. (
