Mali has announced plans to create a state-owned company, Sopamim, to manage its holdings in mining companies, the country’s council of ministers said in a statement released late Friday.
The initiative aligns Mali with other resource-rich West African nations, including Niger and Guinea, which manage government stakes in the mining sector through similar state-owned entities.
Sopamim, fully capitalised and owned by the state, will acquire and oversee Mali’s holdings in the country’s mining operations. Mali is one of Africa’s largest gold producers, hosting major companies such as Barrick Gold, B2GOLD, Resolute Mining, Endeavour Mining, and Hummingbird Resources, primarily in the western and southern regions.
The move follows the creation of another state-owned company, Sorem, in 2022, which focuses on exploring and developing Mali’s mineral resources.
Mali’s military government also introduced a new mining code in 2023, raising state and local ownership of mines from 20% to at least 35% and increasing taxes on mining operations. The reforms helped boost state revenue from gold mining companies by 52.5% in 2024.
Last month, Mali appointed a former Barrick executive as a special adviser to the presidency to oversee the mining sector, signalling continued government involvement and oversight in the country’s lucrative mineral industry.
