ABX:CC - New Mali mining law could lift state local stake in projects to 35% - Reuters

2023-07-14 11:09:02 ET

Mali's government is in talks with gold miners over proposed changes to its mining law that could increase state and private Malian interests in new projects to 35% from 20% currently, Reuters reported Friday.

The country's current mining law, passed in 2019, gives the state the right to 10% with the possibility of acquiring an additional 10% stake.

Barrick Gold ( NYSE: GOLD ) and B2Gold ( NYSE: BTG ), which are among the biggest producers and have been expanding output in Mali, reportedly are among a number of miners taking part in talks with the government, which seeks to keep more revenue from the sector.

The government holds 20% stakes in mining projects such as Barrick's ( GOLD ) Loulo-Gounkoto and B2Gold's ( BTG ) Fekola, which are forecast to produce 560K and 610K oz of gold; Hummingbird Resources ( OTCPK:HUMRF ) and Resolute Mining ( OTCPK:RMGGF ) also operate in Mali.

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