Mali’s gold mining revenue down 26% in 2023

Mali’s revenue from gold mining activities fell by 26% due to lower taxes, official figures showed.

Mali is the fourth largest gold producer in Africa. The mineral accounted for 80% of its exports and represents some 10% of its GDP.

The revenue paid by mining companies to the Treasury fell to 563.8 billion CFA francs ($936.54 million) last year from 763.6 billion CFA francs in 2022, according to an official document seen by Reuters.

The decrease in revenue was mainly due to lower taxes, which had fallen to 384.9 billion CFA francs last year from 532.7 billion in 2022.

Major mining companies operating in Mali include Barrick Gold, Resolute Mining, and Hummingbird Resources.

Last year, Mali adopted a new mining code which will allow the military-led government to increase its ownership of gold concessions and recoup what it says is a major shortfall in production revenues.