Mali’s military-led government has announced the creation of a fully state-owned company tasked with managing the country’s equity stakes in mining projects, marking a further step in its effort to assert greater control over strategic natural resources.
The decision was approved by the council of ministers and made public in a statement released late Friday. The new company, named Sopamim, will be responsible for acquiring, holding and managing the Malian state’s shares in mining companies operating in the country.
According to the statement, Sopamim’s capital will be wholly owned by the state. The authorities said the structure is intended to improve oversight of mining assets, strengthen governance, and ensure that revenues from the sector contribute more effectively to national development.
Mali follows a regional trend
Mali’s move mirrors similar strategies adopted by other resource-rich West African countries, including Niger and Guinea, which have set up state-owned holding companies to centralise and professionalise the management of public stakes in extractive industries.
Such mechanisms are increasingly seen by governments in the region as a way to reduce fragmentation, improve transparency, and reinforce bargaining power vis-à-vis multinational mining firms.
The announcement comes as Mali continues to reshape its mining sector under policies introduced since the military seized power in coups in 2020 and 2021. The authorities have repeatedly stressed the need for “resource sovereignty” and a fairer distribution of mining revenues.
Mali is one of Africa’s leading gold producers, with gold accounting for around three-quarters of export earnings and a significant share of budget revenues. Industrial mining operations are concentrated mainly in the western and southern parts of the country.
Several international mining companies operate in Mali, including Barrick Gold, B2Gold, Resolute Mining, Endeavour Mining and Hummingbird Resources, alongside smaller operators and artisanal miners.
In 2022, the government created another state-owned entity, Sorem, with a mandate to explore and develop mineral resources. The establishment of Sopamim complements that initiative by focusing specifically on the management of state equity interests rather than exploration activities.
Mining code reforms
Mali’s mining governance has undergone significant changes in recent years. In 2023, the authorities adopted a new mining code that expanded state and local ownership in mining projects to at least 35 percent, up from 20 percent under the previous framework.
Under the revised rules, the state is entitled to a free carried interest, with the option to acquire additional shares on a commercial basis. Local investors and communities are also granted a larger stake, a measure presented by the government as a way to ensure broader participation in the sector.
The new code also increased taxes and royalties on mining companies. As a result, state revenues from gold producers rose by 52.5 percent in 2024, according to official figures cited by the government.
These reforms have been closely watched by investors, some of whom have expressed concerns about regulatory stability, while authorities insist the measures are necessary to correct long-standing imbalances.
Strengthening oversight
The creation of Sopamim is expected to centralise decision-making on the state’s mining assets, which were previously managed by different entities or ministries. Officials argue that a single holding company will improve financial reporting, reduce governance risks and enhance the state’s capacity to monitor its interests.
Last month, Mali appointed a former senior executive of Barrick Gold as special adviser to the presidency on mining issues. The adviser is tasked with overseeing the sector during a period of reform and helping implement the new policy framework.
As Mali faces persistent security challenges and strained relations with several Western partners, the mining sector remains a critical source of revenue and foreign exchange. The government has signalled that tighter control over natural resources will remain a cornerstone of its economic strategy.
With Sopamim, the authorities appear determined to institutionalise that approach, aligning Mali with a broader regional shift toward stronger state involvement in extractive industries.
