Mali’s government has secured more than $1 billion in unpaid dues from mining companies, Finance Minister Alousséni Sanou announced Tuesday.
This record-breaking recovery follows a sweeping audit launched by the military-led administration in early 2023.
What the Audit Revealed
The review exposed widespread underpayments and tax shortfalls, originally estimated at $500 million to $1 billion.
Tough New Mining Rules
The findings triggered a complete overhaul of the country’s mining code, including:
- Higher royalty payments
- Removal of tax-freeze guarantees for companies
- Larger government stakes in all projects
A dedicated task force was created to chase the debts and enforce the updated laws.
Barrick Dispute Resolved
The crackdown sparked a two-year standoff with Canada’s Barrick Gold, Mali’s biggest producer. A settlement was reached last month, though it’s unclear if those funds are part of Tuesday’s total.
Long-Term Gains Ahead
Officials say the reforms will deliver hundreds of millions in extra revenue every year, giving the state a fairer share of its gold wealth.
As one of Africa’s top gold exporters, Mali relies heavily on mining for budget income and foreign currency.
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