Mali’s government has recovered 761 billion CFA francs ($1.2 billion) in outstanding payments from mining companies following a major sector-wide audit, the country’s finance minister announced, describing it as one of the most significant financial recoveries in the nation’s extractive industry history.
Speaking on state television late Monday, December 1, 2025, Economy and Finance Minister Alousséni Sanou said the funds were reclaimed after a comprehensive audit of Mali’s mining operations uncovered large-scale financial irregularities and unpaid state dues. “I am delighted with these results, among which we can mention the recovery of 761 billion CFA out of a target of 400 billion,” Sanou stated during a ceremony presenting the audit report to President Assimi Goita.
Background and Audit Findings
The military-led government initiated the audit in early 2023 as part of an effort to increase state revenues from its lucrative gold and lithium sectors. The investigation—conducted by audit firms Inventus and Mozar—identified shortfalls estimated between 300 billion and 600 billion CFA francs, leading to the establishment of a recovery commission.
In response, Mali enacted a new mining code that overhauled fiscal terms for operators. The updated law raised royalty rates, expanded state ownership stakes in mining ventures, and abolished stability clauses that previously shielded companies from tax and regulatory changes.
Settlements and Industry Impact
Sanou did not specify whether the recovered amount included the 244 billion CFA francs settlement reached with Canadian miner Barrick Gold (ABX.TO) in November, which ended a two-year dispute with Mali’s largest gold producer.
Several other companies, including B2Gold, Allied Gold, Resolute Mining, Endeavour Mining, and lithium firms such as Ganfeng and Kodal, have also settled their arrears and transitioned to the new legal framework.
According to the finance ministry, the full implementation of the 2023 mining code could increase state mining revenues by 586 billion CFA francs annually, bringing the sector’s total yearly contribution to roughly 1.02 trillion CFA francs.
Audit and legal expenses for the entire process totaled 2.87 billion CFA francs, Sanou added.
Strengthening State Control
Mamou Touré, a member of the renegotiation committee, said the reforms aim not only to recover lost funds but also to ensure greater state equity participation in mining contracts. “The goal was to restore fairness and ensure Mali benefits proportionally from its natural resources,” she said.
Economic Implications
Mali, one of Africa’s leading gold producers, relies heavily on mining for export earnings and government revenue. However, tighter regulatory oversight and restructuring of mining agreements have temporarily constrained output. Industrial gold production dropped 32% year-on-year to 26.2 metric tons by the end of August 2025.
Despite this short-term dip, the government says the new framework will stabilize revenues, improve transparency, and secure long-term economic benefits for the country.
