By: Reuters

Mali's industrial gold production is expected to remain below 60 metric tons annually through 2029, according to a mines ministry plan seen by Reuters, extending a decline that followed the introduction of a revised mining code and disputes between the state and miners.

Mali, one of Africa's top gold producers, has tightened its grip on the mining sector under a 2023 mining code aimed at boosting state revenues.

A government audit recovered 761 billion CFA francs ($1.2 billion) in alleged arrears from mining companies, officials said in December.

The Malian mines ministry's 2026-2029 plan forecasts industrial gold output at 43.2 tons in 2026, rising to 51.2 tons in 2027 and peaking at 57 tons in 2028 before easing to 50 tons in 2029.

The data did not explain the basis for the trend. The mines ministry did not immediately respond to a request for comment.

Production is expected to be led by B2Gold's BTO.TO Fekola mine, Barrick's Loulo-Gounkoto complex, Resolute's RSG.AX Syama operation and Allied's AAUC.TO Sadiola mine, which together account for the bulk of projected output through 2029.

Mali's artisanal and small-scale production is forecast to remain steady at about six tons annually over the period.

MINING REFORMS RATTLE INVESTORS

Mali's mining reforms sparked a prolonged dispute with Canadian miner Barrick ABX.TO that culminated in the temporary state administration of its Loulo-Gounkoto complex before a settlement was reached last year.

The fallout weighed on output and investor sentiment, offsetting gains from new mines and smaller producers. Industrial gold production fell to 42.2 tons in 2025 from a revised 54.8 tons in 2024, well below the record 66.5 tons produced in 2023.

The mines ministry's 2026-2029 plan also projects a decline in industrial gold reserves, which are expected to fall to 748.6 tons in 2029 from 906.8 tons in 2026.

(Reporting by Tiemoko Diallo; Editing by Maxwell Akalaare Adombila and Susan Fenton)