Mali’s government has established a state-owned company to manage its equity stakes in mining operations, aiming to strengthen oversight and maximize returns from the country’s mineral wealth. The move was announced by the Council of Ministers, according to TimesLive.
The new entity, named Société de Patrimoine Minier du Mali (SOPAMIM), will consolidate and oversee Mali’s holdings in domestic mining firms. Officials said SOPAMIM is modelled on similar structures in other resource-rich West African nations, designed to improve governance and increase the economic benefits from state-owned stakes.
Mali, one of Africa’s largest gold producers, hosts operations by companies including Barrick Gold, B2Gold, Resolute Mining, Endeavour Mining and Hummingbird Resources. The creation of SOPAMIM complements reforms under Mali’s 2023 mining code, which raised mandatory state and local ownership in mining projects from 20% to at least 35% and strengthened tax collection measures.
SOPAMIM joins other state mining vehicles, such as Sorem, established in 2022 to explore and develop mineral resources. The government has also appointed a former Barrick executive as a special presidential adviser on mining, signaling continued prioritization of resource governance and greater national control over Mali’s mining sector, as reported by CNBC Africa.
Image Credit: mining.com
