Mali gold production dips 23% in 2024

 According to a Reuters report, Mali’s industrial gold production plunged 23% to 51 metric tons last year from 66.5 tons in 2023. Mali is one of Africa’s top gold producers and home to industrial mines operated by international companies, including Barrick Gold, B2Gold Corp, Resolute Mining and Hummingbird Resources.

A ministry document showed that the output number excludes Barrick Gold’s December production following the company’s dispute with Mali’s military-led government related to a mining law introduced in 2023.

Barrick suspended operations at its Loulo-Gounkoto operation last month after authorities seized its gold reserves by helicopter. Four of its employees have been detained since November on charges including money laundering and financing of terrorism, which the company denies.

Mali’s new mining code, which raises taxes and seeks to hand over big stakes in assets to the state, makes it uneconomic to invest in new mines or buy operations in the country, several mining chief executives told Reuters this week.