ABN - Mali’s Mines Minister Tiemoko Sangare has revealed that revenue from the nation’s gold mining industry increased by 14% in 2016 to US$505 million, up from $442 million in 2015.
The rise in profitability in Mali’s gold mining sector is directly correlated with an 8.5% rise in the price of gold during 2016, as the global mining sector recovered from the huge commodity prices bust of the previous year.
Gold revenues included $343 million in export receipts and $111 million in taxes, which contributed to 6% of the Mali’s GDP last year. The West African country is Africa’s third largest producer of gold behind South Africa and Ghana.
Major investors in the national gold mining sector include AngloGold Ashanti and Randgold Resources, with new large-scale projects to come online next year from companies such as B2Gold and Hummingbird Resources.
B2Gold’s giant Fekola project began producing gold last month and is expected to reach full output next year, while Hummingbird’s Yanfolila mine is set to achieve first gold in December.