The Mali government is hoping to attract new investments in the mining industry with its new mining code.
Mines and Petroleum Minister for Mali, Abou Bakar Traore said that fifth version of the mining code was aimed at making resources sector investments more luring to foreign investors.
Traore said that there were several positive aspects to the new code to ensure investor participation in Mali. It also took into account the mining sector’s contribution to the overall national economy including community development and environmental protection.
He also mentioned that while all active companies will have their licenses renewed without changing their permits, companies that own permits and are not digging will lose their rights under the new proposed law.
Gold mining has a 20 year old history in Mali. It currently represents about 8 to 10 % of Mali’s gross domestic product and employees about 10,000 people. Mali also has significant petroleum resources with five basins identified. About 29 petroleum blocks are currently being explored extensively.