Military ruler Gen Assimi Goïta hails construction as assertion of ‘economic sovereignty’

Mali’s military junta has started building the West African state’s first-ever gold refinery in partnership with a Russian conglomerate, the Yadran Group.

The project would embody Mali’s assertion of its “economic sovereignty”, and ensure the nation benefited from its mineral wealth, military leader Gen Assimi Goïta said.

He has strengthened military and economic ties with Russia since seizing power in a coup in 2021, while reducing relations with former colonial power France and other Western nations.

This reflects a broader trend in the region, with neighbouring Burkina Faso and Niger also pivoting towards Russia after the overthrow of civilian leaders.

Western firms have since been facing a tough time – the latest example being Mali’s decision to put a huge gold mine, run by Canadian giant Barrick, into administration, effectively bringing it under state control.

On Monday, Gen Goïta – along with Yadran Group head Irek Salikhov – attended a ceremony for the construction of the refinery, which will have a 200-tonne capacity, in Senou, not far from the capital, Bamako.

Mali would having a majority stake in the refinery, and Yadran Group a minority share.

Mr Salikhov hailed the plant as a “win-win” for both nations, saying the aim was to turn the refinery into “a regional centre for processing gold extracted not only in Mali, but also in neighbouring countries like Burkina Faso”.

No date has been announced for its completion, but Gen Goita said: “It’s a long-awaited dream of the Malian people, and today it’s becoming a reality.”

The plant would enable Mali to “refine all the gold mined on its soil, ending decades of crude export to foreign refineries”, he added.

Mali is Africa’s second-biggest producer of gold, but many of its people remain poor 65 years after independence.