According to reports from the BBC, a four-year deal has been reached between the military junta in Mali and Russia for the construction of a gold refinery in the capital city of Mali, Bamako.
The refinery will have the capacity to process 200 tons of gold on an annual basis. The amount of gold that is sent out of Africa by Mali ranks third worldwide.
The commodity is also the primary export product in terms of value for the country and makes a significant contribution to the economy of Mali.
According to Mali’s Minister of Finance, Alousséni Sanou, the construction of the refinery will enable the country to “correctly apply all taxes and duties” and take full control of all gold output.
Since a military coup in 2021 and the evacuation of French forces in 2022, Mali’s relationship with Russia has grown significantly.
Rice, millet, sorghum, and cotton are some of the agricultural products that are exported from Mali, which is one of the 25 countries that are ranked as the poorest in the world.
Mali’s economy is primarily dependent on gold and phosphate mining, as well as agricultural exports.