Mali: How Bamako is regaining control of its gold
After reforming its mining code, Mali has regained its economic sovereignty. Bamako has won its standoff with the multinational Barrick Gold, inspiring Burkina Faso and Niger and redrawing the balance of power with Western powers.
History offers striking lessons on the greatness of civilisations. In the 14th century, Emperor Mansa Musa made a legendary pilgrimage to Mecca with a caravan laden with gold. His generosity caused the price of the precious metal to fall throughout the Mediterranean basin for a decade. Mali was then the beating heart of global wealth.
Yet at the turn of the 21st century, this land bursting with riches was home to a population plagued by poverty. This unbearable paradox is finally coming to an end. 24 November 2025 marks the turning point of a new era for the continent. The transitional government, led by Colonel Assimi Goïta, is orchestrating a major strategic revolution.
This sovereign takeover of the national mining industry is redefining the global balance of power. The standoff with the mining giants symbolises the collapse of the era of uncontrolled predation. Bamako now embodies the resurgence of ‘resource nationalism’ in the face of external appetites. Recent figures confirm the economic tectonic shifts.
Mining revenues skyrocket
For decades, Mali's mining code exclusively favored foreign interests. The Malian government was content to collect minimal taxes on the exploitation of its land. With industrial production of around 60 tons per year, the country remained poor. The wealth went to Toronto, London, or Perth.
The new mining code, adopted on August 8, 2023, and promulgated under number 2023-040, radically changes this structure. The state now grants itself the right to hold up to 30%, or even 35%, of the interests in projects. This figure includes a free 10% stake and an additional 20% purchase option.
The financial impact is immediate and spectacular. According to official figures from the Ministry of Mines, this law has already caused the state's mining revenues to jump by 52.5% in 2024. They have risen from 547.6 to 835.1 billion CFA francs. Gold has thus become the mathematical lever of sovereignty.
A $430 million lesson
The confrontation with mining giant Barrick Gold over the Loulo-Gounkoto complex illustrates this firm stance by the state. Bamako demanded payment of tax arrears with unwavering determination. The government refused to compromise on the retroactive application of the new standards.
The outcome of this crisis sends a resounding message. On November 24, 2025, a historic memorandum of understanding was signed in Bamako. The multinational company committed to immediately pay 244 billion CFA francs (approximately $430 million).
This sum reimburses the tax and customs arrears accumulated between 2018 and 2024. The agreement also paves the way for annual dividends estimated at 90 billion CFA francs. This colossal amount attests to the validity of Mali's strategy.
The Malian government is acting as a demanding partner, aware of the value of its subsoil. Multinationals are now accepting an unavoidable financial reality. Access to Africa's wealth requires absolute respect for Africa.
This dynamic naturally extends to the Alliance of Sahel States (AES), which has been a confederation since July 2024. Burkina Faso and Niger are closely following their neighbor's successes. Rapid harmonization of mining policies is emerging to strengthen their common position.
Together, these three nations control a significant share of the world's gold and uranium reserves. By acting in concert, they are gaining the power to influence global commodity prices. In doing so, they are breaking the isolation that allowed multinationals to pit them against each other.
The gold of the Sahel is becoming a common financial shield against global economic turmoil. The physical gold reserves stored in Bamako, Ouagadougou, and Niamey guarantee the strength of a future common currency. The raw material is being transformed into a raw material for political freedom.
The imperative of local gold processing
The government now refuses to allow the indiscriminate export of raw materials. Gold still accounts for nearly 80% of the country's export earnings, which is a dependency that needs to be corrected. Local processing is an absolute priority.
As a concrete symbol of this ambition, in June 2025 the authorities laid the foundation stone for the extension of the Sénou refinery. This infrastructure is intended to process a growing share of national production locally. It will finally enable added value to be captured on Malian soil.
Local content is also reinforced by Decree No. 2024-0397 of July 9, 2024. This text requires operators to reserve between 35% and 51% of subcontracting contracts for Malian companies.
This measure aims to capture 60 to 80% of the 2 trillion CFA francs spent each year in the sector. Mali is thus strengthening the transfer of skills and wealth to its national private sector.
Cultural dimension and social well-being
It is also important to highlight the cultural dimension, which is often overlooked in purely economic analyses. In West African culture, gold has a symbolic significance linked to the spirits of the earth. Intensive industrial mining has too often desecrated this sacred connection with the environment.
The state's takeover brings with it a strong demand for ecological restoration. The new mining code imposes strict obligations regarding the rehabilitation of mined sites. Respect for local communities, the guardians of the land, is once again central to projects.
The revenue generated now funds the construction of schools, hospitals, and infrastructure. The people see the “color of their gold” in the improvement of their daily lives. Transforming geological wealth into tangible social well-being remains the ultimate goal.
Unease in Western capitals
This assertion of sovereignty is causing palpable concern in the former colonial powers. They are witnessing the collapse of their low-cost supply model. “Resource nationalism” is challenging Europe's strategic comfort zone.
The West is being forced to pay a fair price for African resources. This reality is reducing the profit margins of large publicly traded companies. As a result, a virulent media campaign is targeting the governments of the AES.
In the eyes of the old order, Bamako's most disturbing act is the reappropriation of its resources. Bamako is standing firm in the face of pressure, backed by the support of its population. Mali is demonstrating its ability to resist dictates when the national interest takes precedence.
Mali is breaking new ground, and its example is inspiring the continent, from Chad to Tanzania. Producing countries are highlighting the extent of their strategic power. The global energy transition is heavily dependent on African cobalt, lithium, and gold.
The balance of power is inevitably shifting in favor of those who hold the raw materials. Sellers now dictate the terms on the international market. Bamako is becoming the laboratory for this new Africa that negotiates on equal terms.
The caravans of Mansa Moussa remain spiritually present, and are now taking root in the country. They are being used to build cities, educate young people, and structure the state. In the mines of Syama and Loulo, the sound of pickaxes echoes like a hymn to freedom.
The author, Göktuğ Çalışkan is a PhD candidate & International Relations specialist.
Disclaimer: The views expressed by the author do not necessarily reflect the opinions, viewpoints and editorial policies of TRT Afrika.