Mining activity in Mali’s gold sector is continuing even as conflict intensifies, with several foreign operators sustaining output and, in some cases, boosting spending on privately funded security to protect workers, infrastructure, and supply networks.
Rising violence has unsettled investor sentiment following coordinated assaults by jihadist factions and Tuareg separatists that resulted in the death of Defence Minister Sadio Camara.
The 47-year-old official was killed in a car bomb explosion at his residence in Kati, a military town located near the capital, Bamako.
The attacks also struck the capital’s airport and pushed foreign-supported forces out of parts of northern Mali, increasing worries over logistics, asset protection, and the stability of mining operations, according to reports.
The deteriorating security situation has attracted global concern, prompting several Western nations—including the United Kingdom, United States, France, and Canada—to advise their citizens to avoid travelling to Mali or to leave if conditions allow.
Mining firms balance risks with strong global demand
In spite of the unrest, most companies in the sector have continued their operations, according to executives and analysts cited by Reuters.
Mali remains among Africa’s leading gold producers at a time when international gold prices are hovering near historic highs.
The country is also rich in key resources such as lithium and uranium, strengthening its position in global commodity supply chains.
Authorities in Mali have stated that efforts to combat insurgent groups are ongoing and that the situation is being managed, though industry concerns have not eased.
Regulatory changes create additional challenges
Beyond security threats, new government policies have introduced further uncertainty for investors.
In August 2023, the military-led administration rolled out a revised mining code that raises state and local ownership stakes in projects to as much as 35 percent, up from roughly 20 percent previously.
The updated framework also eliminates certain tax incentives, enforces tighter local participation rules, and grants the government priority rights in issuing licences, particularly for strategic minerals like lithium and uranium.
These policy shifts have already had an impact on production. Mali recorded a 32 percent year-on-year drop in industrial gold output in 2025, amounting to a decline of 26.2 tonnes by August.
Output during the same period also fell 22.5 percent short of official projections.
Investment activity persists amid uncertainty
Despite the risks, investment in Mali’s mining industry continues. Singapore-based Eagle Eye Asset Holdings recently entered into a $120 million deal with Cora Gold to back the Sanankoro project in the country’s south.
Toubani Resources, listed in Australia, has launched construction of its $216 million Kobada project, while Canada’s Barrick Gold forecasts production of between 260,000 and 290,000 ounces in 2026 from its Loulo-Gounkoto mine.
Industry operators say the effects of the conflict have so far been contained. Resolute Mining noted that its Syama operation remains fully functional, with no disruption to staff safety, supply chains, or output levels.
A source at Zijin said the firm employs trained armed personnel for protection, while a senior executive at Ganfeng Lithium holder of a 65 percent stake in the Goulamina project indicated the site is located far away from high-risk areas and that contingency plans are in place to handle any potential disruptions.