Mali Takes Full Control Of Yatela Gold Mine From Foreign Companies

Joy ChukwuOctober 20, 20241 Mins read939

The transitional government of Mali, led by Assimi Goïta, has announced the full takeover of the Yatela gold mine from foreign companies, AngloGold and IAMGOLD.

The Yatela gold mine, which began operation in 2001, was 80 per cent owned by the Sadiola Exploration Company Limited, a joint venture in which AngloGold Ashanti and IAMGOLD each had a holding of 40 per cent, while the Government of Mali owned the remaining 20 per cent.

The transfer of ownership was officially confirmed on October 17, 2024, during a ceremony at the Ministry of Economy and Finance, as reported by Malijet.

The deal, valued at one franc, gives Mali control over the gold deposit, along with $36 million in closure funds and a tax settlement amounting to 2.5 billion CFA francs.

According to Malijet, this move significantly boosts the state-owned Company for the Research and Exploitation of Mineral Resources of Mali (SOREM-Mali SA), founded in 2022, solidifying its position in the national mining sector.

The transfer agreement, signed abythe Ministry of Economy and Finance, ends the involvement of AngloGold and IAMGOLD in the mine’s exploitation.

However, AngloGold CEO Geoffrey Gusneo said this may not mark the companies’ final departure from the country.

Read: Victor Boniface Survives ‘Serious’ Car Accident in Germany