Mali And Russia Signs Deal To Build West Africa's Largest Gold Refinery
Mali And Russia Signs Deal To Build West Africa's Largest Gold Refinery - In a significant development, Malian authorities have revealed the formalization of an agreement with Russia for the establishment of a gold refinery in Bamako, the nation's capital. This marks one of the latest collaborations between the two nations, encompassing various agreements, with a notable focus on the construction of West Africa's most extensive gold refinery, boasting an annual capacity of 200 tons.
The memorandum, as reported by Minister of Economy and Finance Alousseni Sanou during an interview with the national television station ORTM late Tuesday, is set to be effective for an undisclosed four-year period. According to Sanou, The project aims to achieve comprehensive oversight of gold production, ensuring the accurate application of all associated taxes and duties.
In 2022, Mali, a major gold producer in Africa, achieved a gold output of 72.2 tonnes (79.6 tons), with 66.2 tonnes attributed to industrial production, marking an 8.4% increase, as reported by the Malian statistical agency.
Gold constitutes approximately one-quarter of Mali's fiscal revenues, positioning the country as a prominent gold producer on the continent. The majority of Mali's gold exports are directed to South Africa, with Switzerland and Australia following suit. Recent years have seen strengthened relations between Mali and Russia, particularly after the May 24, 2021 coup and the withdrawal of French forces from Operation Barkhane in 2022.
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