Silver Rises Over 120% YTD 
Mali’s interim government has halted the issuance of small-scale gold mining permits to foreigners following several deadly incidents, including a devastating collapse that killed at least 49 people last month in an open-pit area.
The decision comes from Interim President Assimi Goita, who ordered the government “to strengthen measures to avoid human and environmental tragedies” and commanded local authorities to seize equipment used in artisanal gold extraction operations run by foreign nationals. The crackdown coincides with a significant 23% decline in Mali’s industrial gold production, which fell from 66.5 tons in 2023 to 51 tons in 2024. This drop occurs amid rising tensions between the military junta and foreign mining companies as Mali implements a new mining code that increases state ownership in foreign operations.
The government has detained several mining executives, including four Barrick Gold staff held since November on allegations of money laundering and financing terrorism—charges Barrick denies. The situation escalated when Barrick, Mali’s largest gold producer at 18 tons annually, suspended operations at its Loulo-Gounkoto complex after authorities seized 3 tons of gold, citing unpaid taxes. Despite these challenges, the informal mining sector continues to represent approximately one-third of Mali’s industrial gold production.
