The president of the Malian transition, Assimi Goita, officially launched the construction of a state-owned gold refinery in partnership with the Russian group Yadran. The infrastructure aims to strengthen local processing and reduce losses from exports in a crucial gold sector for the national economy.
The joint venture, named SOROMA-SA, is 62% owned by the Malian state, with 38% held by Yadran. The refinery is planned to be built on five hectares near the Bamako International Airport and is expected to reach an annual capacity of 200 tons, four times the country’s current capacity. Construction is expected to last two years.
Currently, out of the 51 tons of gold extracted in Mali in 2024, only 5% is processed locally, with the rest being exported in its raw state. The new plant aims to reverse this trend by producing gold with 99.5% purity, in line with the international standards of the London Bullion Market Association (LBMA). This certification will allow Mali to access global markets directly and better value its production.
The refinery is part of a series of mining code reforms adopted in 2023, which now allow the Malian state to take up to 30% stake in any new project and make local refining mandatory. These measures aim to increase public revenues, which could grow by $950 million per year, nearly 20% of the national budget.
Mali is thus following a regional trend already initiated by Burkina Faso, Guinea, and Niger, seeking greater sovereignty over their natural resources. At the same time, tensions with some Western actors, such as Barrick Gold, have increased amid tax disputes.
