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REGIONAL ROUNDUP

Mali thrives on gold output

by Paydirt staff with Reuters

tate revenue from gold mining companies in Mali surged Barrick Gold Corp, Resolute Mining Ltd, B2Gold Corp, AngloGold
S63.5% to $US702 million in 2019 compared with 2018, Ashanti Ltd and Endeavour Mining Corp, with the country also
boosted by a strong turnover from companies operating in the hosting some 350 artisanal gold mining sites.
West African nation, the Government reported in June. ASX-listed Resolute is guiding 2020 production from Syama,
Mali’s Mines Ministry said the gold mining sector generated a southern Mali, of 260,000oz @ AISC of $US960/oz after NEW DATES ANNOUNCED
turnover of 1.65 trillion CFA in 2019 compared with the previous producing 243,000oz gold in 2019.
year, up 19%, due the increased output and a rise in global gold Resolute managing director John Welborn said the Syama
prices. underground was operating at full capacity and the shift to
Spot gold is currently trading at around $US1,771/oz up from automation at the mine was bearing fruit.
around $US1,280/oz at the end of 2018. “The underground mine is connected by WiFi and currently we’re
Mali’s gold output rose to 71.1t in 2019 compared with 66.8t the trialling wireless blast technology which may well be first in the
previous year. world. We have commissioned a fully automated underground
Industrial gold production is expected to fall by 8.3% year-on-year to mine and parts of that worked fantastically, parts of that was
59.77t this year compared with 2019 due to falling output at several a challenge, but we are confident the outcome of that will be
mines, the Mines Ministry said. enormously positive,” Welborn said during the Paydirt Unlocked
panel discussion.
The Ministry said that the $US702 million revenue contribution
included taxes, and other royalties. It represented around 25% of “I am sure that anyone in the industry whether at the geological
the Mali’s total fiscal resources in 2019, according to the Finance end, engineering end or even the accounting end recently I think
Ministry. we would have spent a significant amount using technology.
That is what we will continue to do and I am absolutely convinced
The mining sector accounted for around 9.7% of Mali’s GDP in
that that is an advantage to us and our shareholders. We have
2019, with gold as the country’s main export revenue earner, the
invested in a mine that we believe we will mine for a couple of
Finance Ministry said.
decades at least and the benefits of technology will be obvious.”
Thirteen industrial gold mining firms operate in Mali including
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