Mali’s military-led government has revoked more than 90 mining permits over alleged non-compliance with the country’s new legal requirements.
An official decree signed by Mining Minister Amadou Keita on October 13 announced the revocation of permits issued between 2015 and 2022 for gold, iron ore, bauxite, uranium, rare earths and other minerals. Reuters reports this.
Affected companies include local subsidiaries of Harmony Gold Mining (NYSE:HMY,JSE:HAR), IAMGOLD (TSX:IMG,NYSE:IAG,OTCQX:IAFNF), Cora Gold (LSE:CORA) and Resolute Mining (ASX:RSG,LSE:RSG).
At the time of writing, representatives for Harmony Gold, IAMGOLD, and Resolute did not immediately respond to requests for comment nor have they publicly released any statements on the matter.
The decree did not specify the total area affected or the potential value of the exploration activities involved, but stated that all rights granted by the permits had been “released” and that the corresponding areas were now open for redistribution.
“Permit holders were asked to submit the required documents under the new mining regulations, but upon verification, authorities found that there was widespread non-compliance,” the Ministry of Mines said in a statement. “As a result, the government has revoked the permits in accordance with mining legislation.”
Cora Gold told Reuters the cancellation would have no impact on its business. The company said it had revoked the affected permits more than two years ago and had not received any formal notification from authorities.
In recent months, governments across West Africa have begun to tighten oversight of the mining sector and ensure greater compliance from international operators. Guinea, for example, has done that similarly, dormant or non-compliant permits were annulled as part of efforts to maximize state revenues and exert greater control over strategic mineral assets.
Mali, one of Africa’s largest gold producers, is heavily dependent on mining for its export earnings and government revenues. However, the sector has faced increasing pressure from political instability and regulatory uncertainty.
The country’s industrial gold production is expected to fall short of the 2025 target due to operational disruptions, including at the Barrick Loulo-Gounkoto mine, which currently serves as Mali’s largest gold source.
The administration has sought to address these challenges by deepening partnerships with non-Western allies, especially Russia. In recent months, Mali has entered into a series of energy and mining activities agreements with Moscowincluding a deal for the supply of 160,000 to 200,000 tons of petroleum and agricultural products.
Russian-backed companies have also expanded into Mali’s mining landscape through joint projects in gold, uranium and lithium, and the construction of a state-controlled gold refinery in Bamako.
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Securities Disclosure: I, Giann Liguid, have no direct investment interest in any company mentioned in this article.
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