Mali Breaks Ground on Russian-Backed Gold Refinery Increasing Domestic Processing

Mali has begun constructing a new gold refinery near its capital, Bamako, in partnership with Russia's Yadran Group and a Swiss investment firm, marking a significant shift toward processing all gold domestically to increase economic sovereignty. The Malian government holds a majority stake of around 62% in the facility, which will have an annual capacity of 200 metric tons, greatly expanding the country's current refining capacity. This move is part of broader regional reforms across the Sahel, with countries like Burkina Faso and Niger also mandating local processing to retain more value from mineral exports. Interim President Colonel Assimi Goïta emphasized that the refinery will end decades of exporting unprocessed gold to countries such as the UAE, South Africa, and Switzerland, thereby increasing revenue and curbing smuggling. The project reflects Mali's realignment away from Western allies toward closer ties with Russia since Goïta's 2021 coup, including taking greater state control over mining operations like the Canadian firm Barrick. Additionally, the refinery aims to meet international standards, improving gold traceability and positioning Mali as a regional processing hub for neighboring countries' gold production.