Mali’s gold output seen staying below 60 tons through 2029, ministry plan shows

Mali’s industrial gold production is expected to remain below 60 metric tons annually through 2029, according to a mines ministry plan seen by Reuters, extending a decline ​that followed the introduction of a revised mining code and disputes between the ​state and miners. Mali, one of Africa’s top gold producers, has tightened its grip ⁠on the mining sector under a 2023 mining code aimed at boosting ​state revenues. A government audit recovered 761 billion CFA francs ($1.2 billion) in alleged arrears from mining ​companies, officials said in December. The Malian mines ministry’s 2026-2029 plan forecasts industrial gold output at 43.2 tons in 2026, rising to 51.2 tons in 2027 and peaking at 57 tons in ​2028 before easing to 50 tons in 2029. The data did not explain the ​basis for the trend. The mines ministry did not immediately respond to a request for comment. Production is ‌expected ⁠to be led by B2Gold’s Fekola mine, Barrick’s Loulo-Gounkoto complex, Resolute’s Syama operation and Allied’s Sadiola mine, which together account for the bulk of projected output through 2029. Mali’s artisanal and small-scale production is forecast to remain steady at about six tons ​annually over the ​period. MINING REFORMS RATTLE ⁠INVESTORS Mali’s mining reforms sparked a prolonged dispute with Canadian miner Barrick that culminated in the temporary state administration of its Loulo-Gounkoto complex ​before a settlement was reached last year. The fallout weighed on output and investor ​sentiment, ⁠offsetting gains from new mines and smaller producers. Industrial gold production fell to 42.2 tons in 2025 from a revised 54.8 tons in 2024, well below the record 66.5 ⁠tons produced in 2023. The mines ministry’s 2026-2029 plan also projects a ​decline in industrial gold reserves, which are expected to fall to 748.6 tons in 2029 from 906.8 ​tons in 2026.