Mali's gold reserves fall by 17% in last two years

Mali's gold reserves fell 17% between 2022 and 2024 to 731 metric tonnes, statistical data from the mines ministry showed on Wednesday.

Mali is one of Africa's top gold producers and is home to mining companies including Barrick Gold, B2GOLD and Resolute Mining.

According to data provided to Reuters, gold reserves held by mining companies fell to 731 metric tonnes from 881.7 tonnes two years ago.

The mines ministry did not provide a reason for the reserves decrease.

Gold refinery

Data showed that Syama mine, owned by Australian company Resolute Mining, comes out on top with 141 tonnes of gold reserves.

It is followed by Allied Gold's Sadiola mine with 108.1 tonnes, and B2GOLD's Fekola mine with 107.7 tonnes.

The West African country's industrial gold production stood at 66.5 tonnes last year and it is expected to drop by about 14% to 57.3 tonnes in 2024.

Based on an average production of 65 tonnes of gold per year, current reserves represent 11 years of output.

Last November, Mali signed an agreement with Russia to build a gold refinery with an annual capacity of 200 tonnes.

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