Indian businessman Gagan Gupta is deepening his exposure to Mali’s gold sector through a series of large-scale financing deals, even as the West African country faces a prolonged downturn in mining exploration and heightened regulatory uncertainty.
Gupta, founder of the industrial group Arise and a shareholder in Singapore-based Eagle Eye Asset Holdings (EEA), is backing two major Malian gold developments through streaming agreements that secure future production in exchange for upfront financing.
On April 17, EEA signed a US$120 million deal with Cora Gold to support development of the Sanankoro gold project in southern Mali. The mine is expected to produce about 47,000 ounces of gold annually over a lifespan of 10.2 years.
Under the agreement, EEA will acquire rights to 30.44 percent of future gold output from the project at 20 percent of the prevailing spot price. The structure effectively guarantees discounted access to production once the mine enters operation.
Cora Gold said the financing, combined with its existing cash reserves, fully funds Sanankoro through to production, although final government approvals are still pending before construction can begin.
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The deal follows a similar transaction last year with Toubani Resources for the Kobada gold project, also in Mali. In that agreement, EEA committed $160 million in exchange for 11.1 percent of future output from the mine, which is expected to produce around 162,000 ounces of gold annually over a 9.2-year period. First production is anticipated in the third quarter of 2027.
Together, the two investments highlight Gupta’s strategy of securing long-term exposure to African gold production through streaming arrangements, a model that provides financing to developers while guaranteeing future metal supply at a discount.
The approach comes at a time when Mali’s mining sector is under pressure. According to S&P Global Market Intelligence’s World Exploration Trends 2026 report, the country recorded its third consecutive annual decline in exploration spending in 2025, the sharpest drop in Africa.
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Industry analysts attribute the slowdown partly to policy changes introduced under Mali’s 2023 mining code, which increased the state’s share in mining projects and removed certain tax incentives previously enjoyed by investors. The reforms have contributed to investor caution, alongside wider political and security concerns.
Tensions between the Malian authorities and major mining companies, including a prolonged dispute involving Barrick Mining over the Loulo-Gounkoto complex, have further weighed on sentiment. The government has also suspended the issuance of new mining permits, adding to uncertainty in the sector.
Despite these challenges, Gupta appears to be betting on Mali’s long-term geological potential and the sustained strength of gold prices. The streaming model used by EEA allows investors to secure future production from near-development assets, reducing early-stage exploration risk while locking in exposure to output.
Beyond Mali, EEA has expanded its footprint across several African mining jurisdictions. The firm holds interests in Sierra Leone’s Baomahun gold project, is the largest shareholder in Canyon Resources’ Minim Martap bauxite project in Cameroon, and has stakes in Gabon’s Belinga iron ore project as well as ruby assets in Mozambique.
Mali remains one of Africa’s most important gold producers, though output has been volatile. Industrial production fell by about 23 percent last year to 42.2 metric tons, according to official figures cited in industry reports. However, a modest recovery is expected as existing mines resume operations and new projects gradually come online.
Analysts say the country’s medium-term outlook will depend heavily on regulatory stability and the government’s ability to restore investor confidence while maintaining its increased fiscal take from mining operations.
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For Gupta, the current strategy reflects a calculated contrarian position: investing into a sector where many traditional miners are retreating, but where long-term fundamentals—resource endowment and global demand for gold—remain strong.
Whether this approach expands into earlier-stage exploration remains unclear. For now, EEA continues to focus on advanced projects close to production, positioning itself to benefit from future output while navigating one of Africa’s most complex mining environments.
