Mali Recovers $1.2 Billion from Miners Under New, Stricter Code

Mali’s government has recovered US$1.2 billion in overdue payments from mining companies following a sector-wide audit. Finance Minister Alousséni Sanou announced the clawback – one of the largest ever from the country’s crucial mining industry – on Tuesday.

The recovery stems from a sweeping audit launched in early 2023 by Mali’s military-led government, which uncovered massive financial shortfalls for the state. The findings prompted a major overhaul of the national mining code, raising royalties, increasing state ownership in projects, and eliminating tax stability clauses for firms.

A special commission secured the funds after auditors identified irregularities and state arrears estimated between US$500 million and US$1 billion. The policy overhaul triggered a two-year standoff with Barrick Gold, Mali’s largest producer, before a resolution was reached last November.

Minister Sanou did not specify if the recovered sum includes that settlement.

The new code is projected to boost annual state mining revenues by hundreds of millions of dollars. Officials state the goal is both to rectify past arrears and to secure a more favorable stake in future contracts for the state.

As one of Africa’s top gold producers, Mali relies heavily on mining for export earnings and fiscal revenue, making this financial recovery and regulatory shift a critical economic development.