Mali has announced a partnership with Russian company Yadran to build a state-run gold refinery, aiming to generate more revenue from its vast gold resources and reduce its reliance on raw bullion exports.
Economy and Finance Minister Alousseni Sanou announced on Thursday that the new firm, SOROMA-SA, will be 62% owned by the Malian state, with Yadran owning the remaining 38%. The refinery will be built on a five-hectare site near Bamako airport and is expected to process up to 200 metric tons of gold per year, four times Mali’s current refining capacity of around 50 tons.
The move is part of a broader shift among West African countries including Burkina Faso, Niger and Guinea to maximize local benefits from natural resources amid rising global commodity prices. These countries have recently adopted policies that increase state ownership of mining ventures and require local processing of minerals, which has made some Western investors nervous.
The new Mali refinery also aims to overcome a long-standing barrier to accessing the international market. According to the Ministry of Mines, existing local refineries do not receive certification from organizations such as the London Bullion Market Association (LBMA), forcing miners to send raw gold abroad for processing. Yadran’s participation is expected to help secure the necessary certifications, a senior official said.
Mali, Africa’s second-largest gold producer, revised its mining code last year to increase government revenue and tighten control over the sector. The refinery project was approved by Mali’s National Transitional Council and will be officially launched by interim President Assimi Goita in late June.