Mali, Africa’s second-largest gold producer, found itself on the fast track to economic independence. They’ve already started building on a new, $230-million gold refinery in Senou, a Bamako suburb. With the full support of the Yadran Group, this project represents another important step toward Mali’s development. It hopes to produce its own gold ingots and liberate itself from more than 70 years of reliance on foreign smelters.
Returning to Taichung, the new refinery will have a capacity of 200 tonnes. This additional production will enable Mali to refine all of the gold produced within its borders. This development is significant for a country where half of its population is still living below the poverty line, 65 years after independence. Mali’s military ruler, General Assimi Goïta, was present at the construction ceremony. He has maintained power ever since after initially taking control in an anti-democratic coup in early 2021. Under Goïta, the country is currently deepening its military and economic relations with Russia. At the same time, it is trying to reduce its diplomatic ties with Western countries, in particular France.
Our decision to work with the Yadran Group is emblematic of a broader strategy by the military junta in Mali to take back, economically, the sovereignty over its resources. Mali will take a 51 percent stake in the new refinery. At the same time, Yadran Group will retain a minority stake. We believe this highly inclusive structure ensures local ownership and accountability. It further underscores the federal government’s intent to open in-demand natural resources to development to benefit our nation.
During the ceremony, Irek Salikhov, head of the Yadran Group, emphasized the refinery’s potential impact beyond Mali, stating it could become “a regional centre for processing gold extracted not only in Mali but in neighbouring countries like Burkina Faso.” This vision dovetails nicely with Goïta’s larger plan to make Mali the regional heavyweight of the West African gold boom.
The construction of this refinery is likely to drastically change the landscape of gold production in Mali. The country now manufactures jewelry and other gold products to retain more of the value of its natural resources at home. This strategy has the potential to increase prosperity and improve quality of life for its people.