Mali creates state-owned company Sopamim to manage mining holdings

The company Sopamim, whose capital is fully owned by the state, will ⁠acquire and manage Mali’s holdings. The West African country is one of Africa’s largest gold producers, ⁠with mining companies including Barrick Gold , B2GOLD, Resolute Mining, Endeavour Mining and Hummingbird Resources ‍active in the gold-rich western and southern regions.

In 2022, Mali created another state-owned company called Sorem with the aim to explore and develop mineral resources.Mali’s military rulers introduced a new mining code in 2023, expanding state and local ownership of mines to at least 35% from 20%. The new code also increased tax collection, helping to push up state revenues from ⁠gold mining companies by 52.5% ‌in 2024.

Last month, Mali named a former Barrick executive as special adviser to the presidency ‌who will ⁠oversee the mining sector.