Mali gold exports rose 8.4% in 2022

On Thursday, March 9, 2023, the Malian government announced that its gold exports increased by 8.4% in 2022 because of an increase in industrial gold mining. According to Reuters, Malian gold exports increased from 63.9 tons in 2021 to 69.3 tons in 2022. As per an article published by Reuters in 2020, Malian state revenue from gold mining companies in 2019 was $702 million from 71.1 tons of gold. Since the price of gold was roughly $1,400 per ounce in 2019, while this year it is approximately $1,800, we can estimate that Mali earned just over $1 billion from the 69.3 tons of gold exported this year. Barrick Gold, B2Gold Corporation, Resolute Mining, AngloGold Ashanti, and Hummingbird Resources are the largest gold mining companies in Mali. On Thursday, Mines Minister Lamine Seydou Traore said Mali’s gold reserves were around 881.7 tons last October. Mali is Africa’s third largest gold producer. Malian artisanal miners produced 6 tons of gold during 2022. According to the US-based International Trade Administration, “gold is by far Mali’s most important export, comprising more than 80 percent of total exports in 2021. Gold panning is estimated to constitute approximately 4 to 26 tons. More than two million people, representing more than ten percent of the population, depend on the mining sector for income.