The Kobada gold project is moving forward, with a new goal of producing 160,000 ounces of gold annually.
This development, led by Australian company Toubani Resources, is expected to significantly boost Mali’s mining sector and increase government revenue.
On September 15, Mali’s Minister of Environment, Sanitation, and Sustainable Development, Doumbia Mariam Tangara, met with Toubani Resources’ Managing Director, Russo Phil, to review the project’s progress. The Kobada project, located in the Kangaba district, has an estimated 2.2 million ounces of gold in its reserves.
A 2024 feasibility study for the mine projected a nine-year operational life with an annual production of around 4.5 metric tons of gold. The initial investment for the project is estimated at $216 million.
In a key development, Toubani Resources signed an agreement with the Malian government in March 2025 to align with the country’s new Mining Code. This legislation requires that Mali hold a 35% stake in all new mining projects, which will give the government a direct share in the profits. With this agreement, Toubani Resources will hold a 65% stake in the Kobada project.
The Malian government is also emphasizing strict adherence to environmental and social standards. In response, Toubani Resources has committed to additional technical studies to extend the mine’s life and improve data on its geology and hydrology.
Considered one of the most promising gold deposits in southern Mali, the Kobada project is seen as a way to increase the mining sector’s contribution to the national GDP, which is already close to 10%. The government hopes the mine will become a major source of public revenue, reinforcing the objectives of its new Mining Code.
MD/ac/Sf/fss/abj/APA