Mali’s gold reserves decreased by 17% from 2022 to 2024, totaling 731 metric tons, according to recent data from the mines ministry. This drop from 881.7 tons two years prior has raised concerns about the future of the country’s gold industry, which includes major players like Barrick Gold, B2GOLD, and Resolute Mining.
The ministry did not specify the reasons behind the decline. The Syama mine, operated by Australian company Resolute Mining, holds the largest reserves at 141 tons. It is followed by Allied Gold’s Sadiola mine with 108.1 tons and B2GOLD’s Fekola mine with 107.7 tons.
Mali’s industrial gold production was 66.5 tons last year, but is expected to decrease by approximately 14% to 57.3 tons in 2024. With an average annual production of 65 tons, the current reserves are projected to last about 11 years.
In response to the declining reserves and to enhance its gold processing capabilities, Mali signed an agreement with Russia last November to establish a gold refinery with a capacity of 200 tons per year.
