Can Mali achieve a new record in mining revenues in 2026?
Mali's mining revenue prospects are uncertain, caught between rising gold prices and the resumption of production.
Written by: Mohammed Omran
I achieved financial 978.29 billion CFA francs from its extractive sector in 2024, a record high in its overall revenues, and with the resumption of production at the Loulo-Gounkoto mine and the continued rise in gold prices, 2026 could enable Bamako to achieve even more.
Can Mali achieve a new record in mining revenues in 2026?
The mining revenues collected by the state budget amounted to 978.29 billion CFA francs (approximately US$1.728 billion) in 2024, representing 40.931 TP3T of total public revenues that year. With gold prices continuing to rise for more than a year, how much could the share of this precious metal in Mali's public revenues increase in 2026?.
Mali's mining revenue prospects are uncertain, caught between rising gold prices and the resumption of production.
The record level achieved by extractive industry revenues in 2024 should be compared to the 27.81% recorded in 2023 and 34.8% in 2022, according to a report by the Extractive Industries Transparency Initiative (EITI) published in March 2026. In 2024, exports from this sector represented 78.8% of Mali’s total exports, with gold being the most prominent.
The opening of the two lithium mines did not bring about a structural change in this dependence. The Goulamina mine, operated by the Chinese company Ganfeng Lithium, began production in December 2024, followed by the Bogoni mine, operated by the British company Codale Minerals, which began production in February 2025. These two mines place Mali among the leading lithium-producing countries on the continent, but their contribution to government revenue remains marginal compared to the volume of gold production.
The fruits of comprehensive mining reform
The record set in 2024 is primarily due to a well-thought-out strategy to increase the state’s share of added value. The Mining Law, adopted in 2023, raised the public sector’s share of mining projects from 20% to 35%, with 5% allocated to local investors. Following a comprehensive review of the sector, the government began renegotiating contracts with a number of operating companies.
The Extractive Industries Transparency Initiative (EITI) report recorded the collection of 331.64 billion CFA francs through these negotiations, a figure lower than the 500 billion CFA francs mentioned by the Minister of Economy and Finance, Al-Husseini Sano, but it shows the scale of the recovery efforts undertaken by Bamako.
The already favorable gold prices in 2024 contributed to these gains, and then the price of gold hit a new record high in 2025, reaching an annual average of $3,431, an increase of 44% year-on-year, according to the World Gold Council. The Extractive Industries Transparency Initiative (EITI) has not yet released the final data for 2025, but information released this week indicates that gold producers operating in Mali paid 888.5 billion CFA francs.
While gold prices rose by approximately 701 TP3T in 2025, a production-related factor negatively impacted revenues, which nevertheless increased by 6.41 TP3T year-on-year. A protracted dispute between the Malian government and Barrick Gold Corporation over the implementation of the new mining law led to the suspension of operations at Loulo-Gounkoto, formerly the country's leading mining complex. Industrial gold production in Mali fell by 22.91 TP3T during the year, reaching 42.2 tons, compared to 54.8 tons in 2024. Ultimately, a compromise was reached between the government and Barrick Gold Corporation, allowing gold production at Loulo-Gounkoto to resume at the end of 2025.
In this context, Mali began 2026 with positive indicators in both production and markets. In the first quarter of the year, the Barrick gold mine produced 80,000 ounces, out of an annual target of over 360,000 ounces. According to the World Bank, gold prices rose by 171 TP3T in the first quarter of 2026 compared to the previous quarter, exceeding US$5,000 per ounce in February. Over the course of the year, the Bretton Woods institution anticipates an average annual increase of 371 TP3T.
These two factors combined offer Mali a real opportunity to significantly increase its public gold revenues. The IMF projects Mali's gold production to grow by 5.51 TP3T in 2026, driven primarily by a recovery in gold production. The realization of this scenario depends on the performance of the Loulo-Gounkoto mine, as well as other mines in the country, while the threat of terrorism remains a persistent risk to the country's industries.
