The Malian government and the private sector have entered talks to establish a mining investment fund aimed at increasing local business participation in the extractive industries.
This initiative aligns with ongoing sector reforms, coming as Malian gold exports reached a historic high of CFA 2.75 trillion in 2025.
Malian Minister of Industry and Trade, Moussa Alassane Diallo, hosted a delegation from the National Council of Malian Employers (CNPM) in Bamako on July 15 as part of an ongoing public-private sector dialogue. At the heart of the discussions was the creation of a dedicated mining investment fund to facilitate domestic companies’ entry into the extractive sector. The minister welcomed the proposal while emphasizing the need to prioritize domestic capital, local expertise, and Malian operators.
However, the project remains in the planning phase. Its total endowment, legal status, governance structure, shareholding, and financing mechanisms are yet to be defined, and no implementation timeline has been released.
A tool to drive local content
These consultations build on earlier efforts by Mali’s business community. On December 30, 2025, the CNPM issued a tender to recruit a consulting firm to conduct a feasibility study and draft a business plan for the proposed National Mining Investment Fund. According to the employers’ association, the fund is designed to better structure domestic private-sector participation in mining ventures. It aims to address the high barriers to entry by providing capital, financial guarantees, and long-term funding to local firms.
The initiative supports the reforms introduced under Mali’s 2023 Mining Code, which seeks to maximize domestic interests in mining operations. Under the current code, the state receives a free 10% stake in new projects, with the option to purchase an additional 20% in cash. Furthermore, mining companies must allocate a 5% stake to local investors through a state entity, bringing maximum Malian ownership to 35%. The proposed fund could play a key role in financing this domestic equity stake, while also supporting local subcontractors, technical service providers, logistics firms, and mineral processing businesses.
Surging revenues despite production slump
The project comes at a time when gold remains the undisputed anchor of Mali’s export economy. In 2025, the value of gold exports soared to CFA 2.75 trillion, up from CFA 1.61 trillion the previous year, buoyed by surging international gold prices. Mining companies paid a record CFA 888.5 billion to the state treasury, marking a 6.4% increase compared to 2024. Taxes accounted for 66.1% of these revenues, customs duties represented 10.5%, and state equity dividends and associated revenues made up the remaining 23.3%.
This strong financial performance, however, contrasts with a sharp decline in industrial gold production, which fell 22.9% from 54.8 metric tons in 2024 to 42.2 metric tons in 2025. Combined with an estimated six metric tons from artisanal mining, national production reached 48.2 tons, missing the government’s target of 54 tons.
The drop in output was primarily driven by the prolonged shutdown at the Loulo-Gounkoto complex, stemming from an ongoing dispute between the Malian government and Canada’s Barrick Gold Corporation. Nevertheless, skyrocketing global gold prices offset the lower production volumes, keeping government revenues on a strong upward trajectory. Beyond the proposed fund, discussions between the government and the CNPM also touched upon local content requirements, corporate taxation, and the planning of an upcoming Mali-Morocco Economic Forum.
MD/te/Sf/lb/abj/APA