Mali’s gold mining sector generated a record 888.5 billion CFA francs (US$1.57 billion) in revenue for the state in 2025, a 6.4 percent increase from the previous year, as soaring global gold prices offset a sharp decline in production, according to official data reviewed by Reuters.
The figures highlight the importance of the precious metal to Mali’s economy, even as output from industrial mines fell significantly amid operational disruptions and disputes between the government and mining companies.
Mali, one of Africa’s leading gold producers, hosts more than 15 industrial mining operations owned by multinational firms, including Canadian miner Barrick Gold, B2Gold, Australia’s Resolute Mining, Endeavour Mining and Hummingbird Resources.
According to data from the mines ministry, payments from mining companies to the state rose to a record 888.5 billion CFA francs in 2025, compared with 835.1 billion CFA francs in 2024.
The increase came despite a steep decline in industrial gold production, which dropped 23 percent to 42.2 metric tonnes from 54.8 tonnes the previous year.
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Government revenue from the sector was derived primarily from taxes, which accounted for 66.1 percent of the total contribution. Customs duties represented 10.5 percent, while 23.3 percent came from state earnings classified as “domaines”, largely consisting of dividends paid to the government through its shareholdings in mining companies.
The mines ministry did not provide an official explanation for the rise in revenue. However, a senior ministry official, speaking on condition of anonymity because they were not authorised to comment publicly, said record-high international gold prices during 2025 more than compensated for losses linked to lower output.
Gold prices reached historic highs last year amid heightened geopolitical tensions, strong central bank purchases and increased demand from investors seeking safe-haven assets. The surge boosted earnings for gold-producing nations across Africa and helped governments increase fiscal receipts from the sector.
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The production decline in Mali was largely attributed to the suspension of Barrick Gold’s operations for more than six months following a dispute with the government.
The disagreement formed part of broader tensions between Mali’s military-led authorities and foreign mining companies over the implementation of a new mining code and the state’s share of revenues generated from natural resources.
In recent years, Mali has sought to increase government participation in mining projects and secure greater fiscal returns from the sector, which remains the country’s largest source of export earnings.
The reforms have led to prolonged negotiations with several mining firms as authorities push for a larger share of profits and greater national control over strategic resources.
Despite these tensions, the sector continues to play a crucial role in the Malian economy, providing significant revenue for the government and supporting thousands of jobs directly and indirectly.
Analysts say the latest figures demonstrate how commodity price gains can cushion resource-dependent economies against production setbacks.
However, they caution that sustained growth in government revenues will require a stable investment environment and continued production from major mining projects.
The sharp decline in output also highlights the risks associated with disruptions at large mining operations, particularly in countries where a small number of mines account for a significant share of national production.
With global gold prices remaining elevated, Mali is expected to continue benefiting from strong export revenues in the near term. Nevertheless, industry observers say restoring production levels and maintaining investor confidence will be critical if the country is to maximise the long-term benefits of its vast mineral wealth.
Gold remains Mali’s most valuable export commodity and a cornerstone of public finances, making the performance of the mining sector a key indicator of the country’s economic prospects.
