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Mali’s ruling military government has launched the construction of a new gold refinery in collaboration with Russian conglomerate Yadran Group, marking a significant step in its bid to reclaim control over the country’s natural resources and reinforce what it calls “economic sovereignty”.
General Assimi Goïta, who assumed power following a military coup in 2021, attended the groundbreaking ceremony for the refinery on Monday alongside Yadran Group’s president, Irek Salikhov. The facility, which will have the capacity to refine up to 200 tonnes of gold annually, is being built in Senou, a town near the capital city, Bamako.
General Goïta emphasized that the new project represents a long-cherished aspiration of the Malian people. “This is a dream long held by the people of Mali, and today we are taking a significant step toward making it a reality,” he said at the event. According to him, the refinery will enable Mali to process all the gold extracted from its soil domestically, rather than continuing the long-standing practice of exporting raw gold to foreign facilities for refinement.
The military leader framed the initiative as part of a broader push to ensure that Mali benefits directly from its vast mineral wealth. “The refinery will allow Mali to refine all the gold mined on its territory, ending decades of dependence on external refineries,” Gen Goïta said.
Russia’s Yadran Group, which will hold a minority stake in the project, is playing a key role in this strategic development. Mr Salikhov, the group’s head, called the project a “win-win” partnership and said the goal is to establish the refinery not only as a national asset but as a regional gold processing hub. He suggested that the facility could also process gold from neighboring countries such as Burkina Faso and Niger.
The Malian state is set to retain the majority share of ownership in the venture, reinforcing its stated commitment to ensuring national control over critical industries. Although no firm timeline for completion was provided, the announcement has been widely seen as a powerful symbol of Mali’s political and economic reorientation.
Since taking power, Gen Goïta has significantly deepened military and economic ties with Russia while cooling relations with former colonial power France and other Western countries. This policy shift mirrors a broader regional pattern, as neighboring Burkina Faso and Niger—both of which also saw recent military coups—have similarly gravitated toward Moscow.
Western companies, particularly those involved in Mali’s mining sector, have increasingly found themselves sidelined. A notable example came recently when the Malian government moved to place a massive gold mining operation run by Canadian firm Barrick into administration, effectively placing it under state oversight.
Despite being Africa’s second-largest gold producer, Mali has long struggled with widespread poverty and underdevelopment. Now, with the launch of the gold refinery and a new economic direction, the junta is presenting itself as championing a more self-reliant and nationally controlled approach to resource management.
