Mali, Russia Launch Major State Gold Refinery Partnership

Mali is advancing its plans to establish a state-controlled gold refinery in partnership with Russian firm Yadran, aiming to significantly increase domestic gold processing capacity from 50 to 200 metric tons annually and boost state revenues. The refinery, to be built near Bamako's airport under the company SOROMA-SA, will be majority-owned by Mali and focus on producing internationally certified gold with 99.5% purity, addressing the current lack of LBMA certification that forces gold exports for processing abroad. This initiative aligns with a broader regional trend among West African nations, including Burkina Faso, Niger, and Guinea, to increase state participation in mining, raise royalties, and mandate domestic refining despite concerns from Western investors. Russia's involvement extends beyond gold refining, as it also supports Mali and Burkina Faso in nuclear energy development through Rosatom, aiming to build nuclear power facilities and research reactors to boost energy capacity and industrial growth. These moves coincide with political shifts in the region, notably the formation of the Alliance of Sahel States and their departure from ECOWAS, resulting in stronger ties with Russia amid Western sanctions and strained relations. Mali’s transitional government, led by Assimi Goita, is expected to launch the refinery's construction soon, reinforcing the country’s strategy to capture a larger share of mining sector revenues and diversify its economic partnerships.