Mali Partners with Russia to Build Gold Refinery in Bamako

Mali has partnered with Russia to construct a state-of-the-art gold refinery in the capital city, Bamako. The initiative marks a major shift in Mali’s gold industry strategy, transitioning from foreign-dependent processing to homegrown industrial capabilities.

Mali, recognized as Africa’s third-largest gold producer, has long exported its gold in raw form to overseas refineries, particularly in Switzerland and the United Arab Emirates. But that is about to change. The new facility, with an estimated refining capacity of 200 tonnes per year, will drastically reduce the country’s reliance on foreign refineries and boost its economic sovereignty.

“Our goal is to locally refine our gold and no longer depend on foreign processing facilities,” said an official from Mali’s Ministry of Mines, underlining the strategic importance of the project.

According to CEIC Data and the Ministry of Mines of Mali, the country’s gold reserves have remained constant at 800 metric tons since 2020. The establishment of a local refinery is expected to give the country not only increased economic returns but also greater oversight and transparency in its gold trade.

This partnership with Russia is being hailed as a step toward economic self-determination in Mali. Officials say the move could also enhance local employment, build technical expertise, and reinforce Mali’s standing in the global gold market.

The refinery project represents more than just infrastructure—it symbolizes a bold attempt by Mali to take charge of its economic destiny, transforming raw resources into refined national wealth right at home.