Mali's gold reserves fall to 731 metric tons, mines ministry's data shows

Allied Gold

22/08/2024 13:05

BAMAKO, Aug 22 (Reuters) - Mali's gold reserves fell 17%
between 2022 and 2024 to 731 metric tons, statistical data from
the mines ministry showed on Wednesday.
    Mali is one of Africa's top gold producers and is home to
mining companies including Barrick Gold  ABX.TO , B2GOLD
 BTO.TO  and Resolute Mining  RSG.AX .
    According to data provided to Reuters, gold reserves held by
mining companies fell to 731 metric tons from 881.7 tons two
years ago.
    The mines ministry did not provide a reason for the reserves
decrease.
    Data showed that Syama mine, owned by Australian company
Resolute Mining, comes out on top with 141 tons of gold
reserves.
    It is followed by Allied Gold's Sadiola mine  AAUC.TO  with
108.1 tons, and B2GOLD's Fekola mine with 107.7 tons.
    The west African country's industrial gold production stood
at 66.5 tons last year and it is expected to drop by about 14%
to 57.3 tons in 2024.
    Based on an average production of 65 tons of gold per year,
current reserves represent 11 years of output.
    Last November, Mali signed an agreement with Russia to build
a gold refinery with an annual capacity of 200 tons.

 (Reporting by Tiemoko Diallo; Writing by Anait Miridzhanian;
Editing by Toby Chopra)
 ((Anait.Miridzhanian@thomsonreuters.com;))