In a groundbreaking development, Mali and Russia have officially inked a deal to collaboratively construct a state-of-the-art Gold Refinery in the capital city of Mali, Bamako. The agreement, aimed at bolstering Mali’s control over its gold production, involves the establishment of a refinery capable of processing an impressive 200 tonnes of gold annually.
The strategic initiative is set to empower Mali to assert authority over all aspects of gold production within the country, enabling the accurate application of taxes and duties. This move signifies a significant step towards economic autonomy for Mali in the gold sector.
Ironically, despite France possessing the fourth-largest gold reserves globally, totaling 2,436 tons, the country lacks a single gold mine within its borders. Mali, historically occupied by France, holds a starkly different scenario – despite boasting 860 gold mines, the nation has no gold reserves in its banks. This anomaly persisted during the French military presence that endured until 2022, during which Mali produced 50 tons of gold annually.
The recent geopolitical shift in Mali, marked by the dismissal of French military mercenaries by President Colonel Assimi Goita following public protests, adds a layer of complexity to the historical context. The move reflects the determination of Mali to assert its sovereignty and control over its resources.
The circumstances surrounding how France acquired its substantial gold reserves, a matter of ongoing discourse, raises intriguing questions about the historical dynamics between the two nations.
As Mali embarks on this transformative project with Russia, the establishment of the Gold Refinery stands as a symbol of the nation’s commitment to shaping its economic destiny and securing control over its valuable resources. This collaborative effort is poised to redefine Mali’s position in the global gold market and contribute to the nation’s economic development.
