Mali has announced plans to set up a fully state-owned company to manage its equity interests in mining operations, as the government continues to tighten control over the country’s lucrative extractive sector.
According to a statement issued after a meeting of the council of ministers, the new company, Sopamim, will be wholly owned by the state and will be responsible for acquiring and overseeing Mali’s shareholdings in mining companies.
Several resource-rich West African countries, including Niger and Guinea, already manage their mining assets through similar state-owned structures.
Mali is one of Africa’s leading gold producers, with major international mining firms such as Barrick Gold, B2Gold, Resolute Mining, Endeavour Mining and Hummingbird Resources operating across its gold-rich western and southern regions.
The move builds on earlier reforms by Mali’s military-led government. In 2022, authorities created another state-owned firm, Sorem, to focus on the exploration and development of mineral resources.
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In 2023, Mali introduced a revised mining code that increased state and local ownership in mining projects to a minimum of 35 per cent, up from 20 per cent. The new framework also raised tax revenues from gold mining companies, contributing to a 52.5 per cent increase in state mining revenues in 2024.
Further signalling the government’s focus on the sector, Mali last month appointed a former Barrick executive as special adviser to the presidency, with oversight responsibilities for mining activities.
