BAMAKO, Feb 10 – Mali will set up a state-owned company to manage its equity interests in mining firms, according to a statement issued by the council of ministers.
The company, Sopamim, will be wholly owned by the state and will acquire and oversee Mali’s holdings in mining companies, citing other resource-producing countries in West Africa, that similar state-owned structures to manage mining assets.
The move follows changes to Mali’s mining framework introduced in 2023, when the military-led government revised the mining code to increase state and local ownership in mining projects to at least 35% from 20%. The revised code also raised taxes on mining companies.
As a result, state revenues from gold mining firms rose by 52.5% in 2024. In December, the government said it had recovered 761 billion CFA francs, or about $1.2 billion, in revenue shortfalls from mining companies.
Mali had earlier created Sorem, another state-owned firm, in 2022 to focus on mineral exploration and development.
