Military coup in Mali raises concerns for gold producers

[pmbug]

Gold production in Mali is being called into question following a military coup two weeks ago. African media are reporting that many foreigners are fleeing the country.

In recent years Mali has become an important gold and cotton producer. However, the coup could undermine these achievements. In the past two weeks the stocks of gold producers' operating in the country have dropped sharply – including those of Jersey-based Randgold Resources and the South African mining giant AngloGold Ashanti. Randgold’s Loulo mine in Mali is one of the most productive gold mines in the region. Randgold CEO Mark Bristow has stated though that the military coup poses no risk to his company's production activities.

Similarly, Alan Fine – Public Affairs Manager at AngloGold Ashanti – stated that his company's production would be unharmed, since it was hundreds of miles from Mali's capital. But these statements have not calmed stock market investors, who have kept selling AngloGold shares. Now junior explorers and gold producers in Mali have halted their activities owing to energy supply problems. ...

More: http://www.goldmoney.com/gold-resea...-mali-raises-concerns-for-gold-producers.html

 

[dali lambone]

I've got a buddy there right now. He says that there are issues getting equipment moved around the country, but he doesn't expect any interuptions in mining activities for most folks as long as they are in the right places.

 

[searcher]

NAIROBI, Aug 23 (Reuters) - Some of Mali's top gold producers said a new law to allow the military-led government to increase its ownership of mines should not apply to existing operations, but analysts said it was likely to deter future investment.

In line with a rise in resource nationalism across the world, spurred on by strong commodity prices, the code adopted by Mali's Parliament - would allow the state and local investors to take stakes as high as 35% in mining projects compared with 20% now.

Miners hope to keep 'gold shining' in Mali despite ownership law

Some of Mali's top gold producers said a new law to allow the military-led government to increase its ownership of mines should not apply to existing operations, but analysts said it was likely to deter future investment.

www.reuters.com

 

[CiscoKid]

Botton line - these are some of the absolute dumbest people on the planet sitting on some of the richest earth. They are made to be taken advantage of. They have no place in Western culture and wealthy countries will simply strip their countries of anything valuable and move on. Been happening for centuries and it's not going to stop now.

Rank	Country	Average IQ
20.	Burundi	69
19.	Côte d’Ivoire	69
18.	Ethiopia	69
17.	Malawi	69
16.	Niger	69
15.	Angola	68
14.	Burkina Faso	68
13.	Chad	68
12.	Djibouti	68
11.	Somalia	68
10.	Swaziland	68
9.	Guinea	67
8.	Guinea-Bissau	67
7.	Liberia	67
6.	Sao tome and principe	67
5.	The Gambia	66
4.	Cameroon	64
3.	Gabon	64
2.	Mozambique	64
1.	Eqitorial Guinea	59

Top 20 African Countries With The Lowest Average Intelligence (2023) - TalkAfricana

Top 10 African Countries With The Lowest Average IQ. These are the top 10 least intelligent countries in africa. you will find the least smartest

talkafricana.com

These people have no idea how to find, mine, or transport anything valuable so it is basically wasted unless someone else comes in and takes it. China has figured this out. They're using the people as slaves to strip their own country's resources.

 

[searcher]

BAMAKO, Nov 22 (Reuters) - Mali's military government said it has signed an agreement with Russia to build a gold refinery in the capital Bamako, one of a slew of deals between the two countries as Russia seeks to extend its regional influence.

The accord, a non-binding memorandum of understanding, involves building a 200-tonnes-per-year refinery, minister Alousséni Sanou said in an interview on state television broadcast late on Tuesday.

Mali signs agreement with Russia to build gold refinery

Mali's military government said it has signed an agreement with Russia to build a gold refinery in the capital Bamako, one of a slew of deals between the two countries as Russia seeks to extend its regional influence.

www.reuters.com

 

[searcher]

Burkina Faso

Construction Of First Gold Refinery Begins In Burkina Faso​

Burkina Faso's junta-led government on Thursday launched the construction of the country's first refinery for gold, Burkina's main mineral resource, an AFP journalist said.

The refinery will have a production capacity of around 400 kilograms (880 pounds) of gold per day, according to Ismael Siby, CEO of the refinery's co-managing company Marena Gold.

The first 22-carat gold bars will leave the refinery in 11 months' time, he said, adding that the project would create 100 direct jobs and 5,000 indirect jobs.

More:

Construction Of First Gold Refinery Begins In Burkina Faso

Burkina Faso's junta-led government on Thursday launched the construction of the country's first refinery for gold, Burkina's main mineral resource, an AFP journalist said.

www.barrons.com

 

[searcher]

Burkina Faso suspends export permits for small-scale gold production​

Feb 21 (Reuters) - Burkina Faso's military junta has suspended the issuance of export permits for artisanal and semi-mechanised gold and other precious commodities with immediate effect, it said.

"This suspension follows the need to clean up the sector and reflects the government's desire to better organise the marketing of gold and other precious substances," it said in a statement dated Feb. 20.

It did not say how long the suspension would be in place.

More:

https://www.reuters.com/world/africa/burkina-faso-suspends-export-permits-small-scale-gold-production-2024-02-21/