This elevated standing is due not only to gold’s economic value, but also to how Mali’s mining regime evolved over decades of external influence and reforms.
During an interview with Sputnik, Djibril Diallo, president of the Association for the Promotion of Mineral Resources, highlighted these dynamics and how it has come to be shaped by external financiers.
“Gold now occupies a position that has turned it into a strategic and geopolitical instrument often serving as a tool for political decision making,” he stated.
“This stems from the fact that gold is the leading resource extracted in Mali for foreign markets, it accounts for 75% of the national budget and the national economy, and it is the primary export product, surpassing even cotton,” he added.
He then went on to touch on how institutions such as the World Bank have apparently prevented Mali from having full autonomy over its natural resources.
“For a very long time, the Malian state, following World Bank policies, adhered to structural adjustment programs imposed on African countries; these programs compelled states to completely disengage from all resource and exploitation of mineral resources, not merely mining but mineral resources in a broader sense.”
While SAPs from the World Bank do not explicitly state “no mining,” they typically incorporate policy circumstances and reforms.
For context, the World Bank SAP material (e.g., 1998-2001 policy framework) outlines technical assistance for updating Mali’s mining code and privatizing state-owned firms.
The policy paper framework reads, “The government of Mali will continue to need technical assistance from its development partners to support the implementation of the structural adjustment policies.”
It also adds, “The World Bank will provide technical assistance for the implementation of sectoral policies, mainly in the infrastructure and social sectors, the revision of the mining code, and for the privatization of SOTELMA and EDM.”
SAPs have historically stressed fiscal discipline, reduced public-sector deficits, and improved conditions for foreign direct investment.
This encouraged reliance on private mining companies rather than state-run extractive firms.
“This policy produced very serious consequences. It resulted in the adoption of mining codes that heavily favored foreign multinationals and foreign companies coming to exploit our mineral resources,” Djibril Diallo stated during the interview.
Prior to new mining codes initiated by Mali’s current administration under the Junta leader Assimi Goïta, foreign corporations dominated Mali’s mining sector, including Canadian firms Barrick Gold and B2Gold, Australian Resolute Mining, and British Hummingbird Resources.
However, the influence of these companies in Mali has been greatly undermined following the dispute between Mali’s government and Barrick Gold.
In 2023, to ensure control of its resources, Mali launched a comprehensive audit of the mining sector, uncovering major financial shortfalls for the state and prompting the rollout of a new mining code.
It sparked a backlash among miners and was blamed for a 23% decline in Mali’s gold production in 2024, which plummeted to 51 metric tonnes.
The 2023 mining code raised royalties to 10% from 6.5% and expanded state and local ownership in mining projects to at least 35%, up from 20%.
By September 2025, Mali approved seven new agreements with international and local mining companies under its mining code.
The new office would be in charge of supervising the sector, indirectly fostering the president’s direct control over the country’s gold industry.
This move followed Mali’s year-long dispute with one of its largest foreign mining companies, Barrick Gold.
Barrick Gold and Mali
In January 2025, Malian officials used a military helicopter operation under a judicial confiscation order to seize three metric tons of Barrick’s gold, valued at approximately $400 million.
This move sparked the controversy, which started with Mali’s desire for greater control over its resources.
Barrick said that as a result, the seizure rendered its insurance coverage void and required a temporary halt to operations.
Barrick asserts that it acted legally and paid the government $85 million in October of 2024, despite Mali claiming nearly $500 million in unpaid taxes.
Before a deal was completed, the gold taken in the military helicopter was stored for almost a year in a Bamako bank vault.
Shortly after, Barrick Gold formally took back operational control of its major gold mining complex in Mali.
