Overview

Gold dominates Mali’s natural resource sector, and Mali is at least the fourth largest gold producer in Africa, with some reports placing it third.  Gold is by far Mali’s most important export, comprising more than 80 percent of total exports in 2023.  The price of gold fluctuates with the world market price.  The sector has experienced some difficulties as unproductive mines have been closed and others face imminent closure.  However, three new mines opened in 2018, including a major one in Fekola.  Gold panning is estimated to constitute approximately four to 26 tons.  More than two million people, representing more than ten percent of the population, depend on the mining sector for income.

Leading Sub-Sectors

In addition to gold, Mali has other mineral prospects, as the majority of the territory remains largely unexplored.  The Ministry of Mines estimates Mali has 800 tons of gold deposits, two million tons of iron ore, five thousand tons of uranium, 20 million tons of manganese, four million tons of lithium, and ten million tons of limestone.  In 2023, Mali adopted a new mining code and a law on local contents requirements.  The new mining code gave the state and local investors up to a 35 percent stake in mining projects — up from 20 percent.

Opportunities

As the government seeks to reduce dependency on gold and diversify the mining sector, foreign firms have a unique opportunity to support this expansion.  Mali has also formalized and reformed the process of registering and delivering research and exploitation permits to mining companies.

Resources

• Ministry of Mines and Petroleum: https://www.mines.gouv.ml/
• Embassy Bamako’s Commercial Section: BamakoEcon@state.gov