RE: Presentation20 Sep 2025 11:50
Pushback from the mining industry
The stricter regulations drew heavy criticism from international mining companies, who warned that the changes would make future investments in Mali uneconomical.
Reduced investment: In February 2025, mining executives reported a growing recognition within the government that the code was "too harsh," citing the risk that companies could simply take their money elsewhere.
Direct disputes: The new code triggered several high-profile disputes, including an incident where authorities seized gold reserves and arrested employees from Barrick Gold. The dispute reportedly caused Barrick to shutter one of its operations, and the company is now pursuing arbitration.
Output decline: Mali's gold output fell by 23% in 2024 to 51 metric tonnes, a decline attributed in part to the disputes and regulatory uncertainty caused by the new code.
Moves to relax the code
In recent months, Mali has taken steps to address concerns and reverse course.
Partial lifting of permit suspension: In March 2025, Mali partially lifted a suspension on new mining permits, a move that mining companies welcomed as a positive step toward stability.
Seeking consensus: Reports in September 2025 indicate that the junta is now actively looking to "wind back" the most stringent aspects of the 2023 code to address investor complaints.
Continued negotiations: Some companies have continued to negotiate with the government. In November 2024, Barrick's CEO expressed optimism about finding a solution, suggesting the company was prepared to offer more economic benefits in exchange for a workable arrangement.
Companies signing new deals: Some gold producers, like Endeavour Mining, have already signed new agreements under a memorandum of understanding with the government, indicating a willingness by some to find a new path forward.
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