Mali to get $1.2bn from miners after talks
Mali is set to get 750-billion CFA francs ($1.2-billion) from miners in the first quarter this year following an overhaul of its mining sector.
In late December, Mali had received 500-billion CFA francs following talks with mining companies, Finance Minister Alousseni Sanou said in speech to Parliament.
The total amount is expected by March 31, Sanou told Mali’s National Transition Council — the legislative body, according to minutes from the late December meeting that was aired on public broadcaster ORTM late Friday.
Mali’s military leadership has taken a harsh stance against international miners with an extensive overhaul of the sector in recent years. It adopted a new mining code and ordered companies to pay millions of dollars in back taxes and dividends after an audit revealed a shortfall of 300-billion CFA francs to 600-billion CFA francs in state revenue.
Australia’s Resolute Mining last year agreed to pay about $160-million to resolve a tax dispute after the government detained the gold producer’s chief executive in November. B2Gold and Allied Gold also announced in September fresh agreements that included settlement payments for their Fekola and Sadiola mines, respectively, as well as expansion projects.
Barrick Gold said this week it would be forced to halt mining in Mali if the government doesn’t stop disrupting its exports and operations. Mali says the company owes about $512-million in unpaid taxes and dividends, Reuters has reported. Barrick has said it rejects those claims. Four Barrick executives were detained for a second time in November after an agreement between the parties fell through.
Mali is also set to increase state revenue, according to Sanou, after the West African nation and domestic groups increased their stake in producing assets to 35% from 20% through the new mining code adopted in 2023. The code also allows Mali to receive 7.5% of sales if gold prices exceed $ 1 500 per ounce, he told council members.
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