Grace Ashiru
The government of Mali will hold a 62% ownership stake in the country’s first national gold refinery, as outlined in a decree adopted by the Council of Ministers on May 28, 2025. This project, developed in partnership with Russian firm Yadran, is expected to have the capacity to process 200 tons of gold annually.
At present, Mali’s gold—primarily produced by industrial mining operations—is exported abroad for refining, with Switzerland being the main destination. In a strategic effort to localize more of the gold value chain, the Malian government signed an agreement in 2024 to establish its own national refinery.
The collaboration with Yadran was first made public in October 2024. Authorities have described the refinery as a crucial step toward better integrating the mining sector into the national economy and boosting the overall value it contributes.
Gold remains Mali’s top export and the main source of government revenue, accounting for approximately 10% of the country’s GDP. Industrial gold production was estimated at 51 tons in 2024.
Although the government has not yet released details regarding the total investment, construction timeline, or the specific terms of Yadran’s involvement, the refinery marks a significant transformation in how Mali handles its gold production and refining processes.
Currently, Marena Gold claims to operate the only refinery in the country, focusing mainly on gold sourced from artisanal miners. Government figures estimate artisanal production at about 6 tons per year, although other reports suggest it could be more than 30 tons.
The national refinery initiative reflects a broader government policy aimed at capturing more economic value from Mali’s gold sector and reducing reliance on foreign refining infrastructure.
