Mali Gold is one of the important natural resources that contribute significantly to the national income of the country. Mali earns considerable revenue by exporting its gold to other countries. In fact, Mali's gold exports have tripled over the previous century. In fact, Mali with a production of 49 tonnes in 2005 is the third largest gold producer in Africa.
Gold Mines in Mali
Gold in Mali occurs in its ore form in the Yatela, Loulo, Sadiola, Morila, Syama are the gold mines
- Yatela Gold Mine – The Yatela gold mine located about 35 km north of Sadiola started producing in 2001. In 2003, Yatela mine produced 217,000 ounces of gold at a price of US $ 235 per ounce. The total gold reserve of the Yatela mine has been estimated at 13 million tonnes. The Yatela Gold Mine is jointly owned by IAM Gold owning 40%, Anglo Gold owning 40%, and remaining 20% owned by Mali Government.
- Loula Gold Mine Project – This gold mine is located near Senegal border on the banks of River Faleme. This gold mine jointly owned by Randgold Resources and State of Mali started production in 2005.
- Sadiola Hill Gold Mine - Sadiola Hill Gold Mine owned jointly by IAM Gold, Anglo Gold and Mali Government is located in the Kenieba-Kedegou region of the Mali-Senegal shear zone. This second largest gold mine of West Africa has total reserves of 120 million tonnes and produces annually 600,000 ounces.
- Morila Gold Mine - The mine in Morila is jointly owned by Anglo Gold with 40%, Rangold with 40%, and Mali Government with 20%. It has an annual production capacity of roughly 700,000 ounces.
- Syama Mine - Syama Mine is owned by Resolute Mining Limited and Mali Government. It resumed operations in 2004 producing annually about 520,000 ounces.
Mali Gold Participating Companies
The following companies are engaged with the gold industry in Mali:
- AngloGold Ashanti Limited – This is a leading gold mining company in Mali. The company has a 40% share in the Morila Mines, 38% in the Sadiola Mines, and 40% share in the Yetela mine.
- IAMGold Corporation - IAMGold Corporation has 38% share of the Sadiola Mine, and 40% share of the Yetela Mine.
- African Gold Group Incorporation – This Mali gold company has 40% share of the Morila mines, 405 shares of the Yetela Mines, and 38% share of the Sadiola Mines.
- Merrex Gold Incorporation - Merrex is a gold exploration organization in Mali.
Mali gold is of extreme importance to Mali's economy as it is a substantial revenue earner for the country.
