Mali on Track to Meet 2024 Gold Production Forecast Despite Lower Projections

Mali is expected to meet or exceed its 2024 gold production forecast of 57.3 metric tons, thanks to robust output from key players like Barrick Gold and B2Gold. Despite a lower annual target compared to 2023, the country is pushing forward with ambitious plans, including a new refinery in collaboration with Russia.

Mali, one of Africa's leading gold producers, is poised to meet or surpass its 2024 gold production forecast of 57.3 metric tons, according to the mines ministry. Key players such as Barrick Gold, B2Gold, Resolute Mining, Allied Gold, and Endeavour Mining reported a total production of 30.5 tons in the first half of 2023, surpassing initial estimates by 7.2%.

The projected 57.3 tons for 2024 represents a 14% decrease from the 66.5 tons achieved in 2023. Of the key producers, Barrick Gold led the first half with a production of 11.7 tons, followed by B2Gold at 8.3 tons, and Allied Gold at 3.9 tons.

In an ambitious move to bolster its gold sector, Mali signed a memorandum of understanding with Russia in November 2023 to construct a gold refinery with a capacity of 200 tons annually.

(With inputs from agencies.)