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January 10, 2025Allied Gold gets Mali’s go-ahead for new project near Sadiola
Mali signed an agreement with Canada’s Allied Gold Corp for a 35% stake in a new mine in connection to its Sadiola project. Known as Korali-Sud, the new project will be managed under Mali’s new mining code.
The move comes as Mali seeks more revenue from its mineral resources through a new mining code. The new code, which grants the government and private actors up to a 35% stake in mining operations, has led to disputes between some miners and the ruling junta.
Expected revenue from the Allied deal is about 120 billion CFA franc ($188 million) annually, according to Sanou. The project’s resources are estimated to be 200,000 ounces. Allied has also started work on the second phase of Sadiola after Mali’s government in October renewed its operating license for a period of 10 years.
