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Mali’s military-led government has revoked more than 90 mining exploration permits due to alleged non-compliance with the country’s new legal requirements.
An official decree signed by Mines Minister Amadou Keita on October 13 announced the revocation of permits issued between 2015 and 2022 for gold, iron ore, bauxite, uranium, rare earths, and other minerals, according to a Reuters report.
Companies impacted include local subsidiaries of Harmony Gold Mining (NYSE:HMY,JSE:HAR), IAMGOLD (TSX:IMG,NYSE:IAG,OTCQX:IAFNF), Cora Gold (LSE:CORA) and Resolute Mining (ASX:RSG,LSE:RSG).
As of writing, representatives of Harmony Gold, IAMGOLD and Resolute did not immediately respond to requests for comment nor have publicly released statements on the matter.
The decree did not specify the total area affected or the potential value of the exploration activities involved but declared that all rights conferred by the permits were “released” and that the corresponding areas were now open for reallocation.
“Permit holders were asked to submit required documents under new mining rules, but after verification, authorities found widespread non-compliance,” the Ministry of Mines said in a statement. “As a result, the government has canceled the permits in line with mining legislation.”
Cora Gold told Reuters that the cancellation would have no impact on its operations. The company said it had already relinquished the affected permits over two years ago and had not received formal notice from authorities.
In recent months, governments across West Africa have started to tighten oversight of the mining industry and ensure greater compliance from international operators. Guinea, for instance, has similarly annulled dormant or non-compliant licenses as part of efforts to maximize state revenues and assert greater control over strategic mineral assets.
Mali, one of Africa’s leading gold producers, relies heavily on mining for export earnings and public revenue. However, the sector has faced mounting pressure from political instability and regulatory uncertainty.
The country’s industrial gold output is expected to fall short of its 2025 target due to operational disruptions, including at Barrick Loulo-Gounkoto mine, which currently serves as Mali’s largest gold asset.
The government has sought to offset these challenges by deepening partnerships with non-Western allies, particularly Russia. In recent months, Mali has entered into a series of energy and mining agreements with Moscow, including a deal for the supply of 160,000 to 200,000 metric tons of petroleum and agricultural products.
Russian-backed ventures have also expanded in Mali’s mining landscape through joint projects in gold, uranium, and lithium, as well as the construction of a state-controlled gold refinery in Bamako.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
