The Malian government has adopted a decree granting a gold exploration permit to B2Gold Mali
Resources SARL, formed from a merger between the Menankoto-Sud and Bakolobi in the Kénieba district.
B2Gold, a major Canadian operator, is strengthening its presence in Mali with the Fekola complex, whose Menankoto and Bakolobi sites have now been merged.
In 2024, the company produced 13.7 tonnes of gold, a significant contribution to the 58.7 tonnes of gold mined in Mali that year.
For 2025, the complex’s production is estimated at between 515,000 and 550,000 ounces (approximately 15.9 to 17.1 tonnes), with an average cost of $845 to $905 per ounce, according to first-quarter results published by B2Gold (GlobeNewswire, May 2025).
A preliminary agreement signed in September 2024 clarified the effects of the new 2023 mining code, ensuring a stable regulatory framework for ongoing projects. This agreement distinguishes B2Gold from its counterparts facing blockages or disputes.
Conversely, Barrick Gold is engaged in a protracted standoff with the Malian authorities. Since January 2025, its offices in Bamako have been closed, its representatives forced to withdraw, and nearly 3 tonnes of gold have reportedly been seized by the government for disputed tax reasons, according to several diplomatic and economic sources.
The threat of seizure of the Loulo-Gounkoto complex, one of the most productive in West Africa, now looms.
Barrick, which produced 19.4 tonnes of gold in Mali in 2024, denounces a violation of ratified mining conventions and has referred the matter to an international arbitration tribunal.
Talks between the company and the government have so far failed to produce a compromise.
This legal impasse is weighing on the stability of foreign investment in the country.
Australian Resolute Mining, for its part, saw its CEO and two executives arrested in November 2024 in connection with a tax dispute. Their release was conditional on a payment of $160 million, made under pressure, according to the company’s statements.
The company, which notably operates the Syama mine, estimates its production costs for 2025 at $1,650-1,750/ounce, a sharp increase from $1,476/ounce in 2024.
Mali is Africa’s second-largest gold producer after Ghana, with gold accounting for approximately 9 percent of GDP and 75 percent of national exports.
While the government’s reforms aim to increase its share of mining revenues, they raise concerns about legal uncertainty, particularly among Western investors.
MD/ac/Sf/fss/as/APA