Canadian mining firm Robex (RBX.V) has finalized a fresh agreement with Mali to continue operations at the Nampala gold mine, located about 300 km (186 miles) south of Bamako, the government announced.
Robex has run the mine since 2017, but Mali’s revised mining code—part of broader efforts to tighten control over natural resources—now requires foreign companies to pay higher taxes and grant larger ownership stakes to the state.
Amid concerns over the new regulations, Robex revealed in September that it was considering selling the mine but had yet to receive a satisfactory offer.
According to a government statement issued late Wednesday, Robex aims to produce 1.4 tons of gold annually over the next eight years. Geological studies estimate the site holds 17.35 million tons of mineral reserves, with an average gold grade of 0.70 grams per ton.
The statement also confirmed that a memorandum of understanding signed in September granted Mali a larger stake in the project, securing the state priority dividends.
