Mali has signed a strategic partnership with Russia to build a gold refinery in Bamako’s capital to take greater control over its mineral wealth. The Voice of Africa revealed the project is set to begin construction in the second half of 2025 and is expected to take 18 and 24 months to complete.

The new refinery will have advanced smelting units, metallurgical laboratories, and secure storage facilities and can process over 200 tons of gold annually. This development aims to establish Mali as a regional hub for gold processing. It marks a significant shift in the country’s mining policy, which foreign interests, particularly Western ones, have long dominated.

This is a major turning point in Mali’s mining policy and strengthens its geopolitical ties with Moscow,” Voice of Africa reported, highlighting Mali’s efforts to reclaim a larger share of the profits from its vast natural resources.

Mali is currently the fourth-largest gold producer in Africa, exporting over 70 tonnes of gold each year. However, much of this gold has historically been refined and monetised outside the country. With the new refinery, the Malian government seeks to retain more value within its borders, generating substantial revenue and creating employment opportunities.

According to reports, the refinery will produce gold with a purity of 99.5%, adhering to international certification standards. The project is projected to generate over $1 billion in revenue within its first five years. It is expected to create thousands of jobs across the gold value chain, from jewellery and certification services to storage and secure transport.