Mali’s gold reserves fell by 17% from 2022 to 2024, reaching 731 metric tons, according to the mines ministry’s data released on Wednesday.
This decline reflects a significant drop from the previous 881.7 tons.
As a leading gold producer in Africa, Mali hosts major mining firms like Barrick Gold, B2GOLD, and Resolute Mining.
Despite the reserves decrease, these companies continue to operate in the region.
The mines ministry did not provide reasons for the decrease in gold reserves.
The Syama mine, operated by Resolute Mining, holds the largest reserve with 141 tons, followed by Allied Gold’s Sadiola mine and B2GOLD’s Fekola mine.
Mali’s industrial gold production was 66.5 tons last year, with an expected decline of about 14% to 57.3 tons in 2024.
With an average yearly output of 65 tons, the current reserves would last for approximately 11 years.
In November, Mali signed a deal with Russia to establish a gold refinery with a capacity of 200 tons annually.
This new facility aims to boost the country’s gold processing capabilities.
