Wayne Lumbasi
Mali has announced the recovery of $1.2 billion, which is equal to 761 billion CFA francs, from mining companies after a major audit of the sector. The recovered money consisted of unpaid taxes, royalties, dividends and other financial obligations that had built up over several years. Officials described this as one of the largest financial recoveries ever achieved in the country’s extractive industry and a significant boost to the national treasury.
The audit began in early 2023 and revealed large revenue gaps. Independent reviewing firms reported that mining companies had unpaid amounts initially estimated between 300 billion CFA francs and 600 billion CFA francs. These findings pushed the government to enforce the new mining code adopted in 2023. That code increased state royalty rates, expanded government ownership in mining projects and removed clauses that had previously protected companies from legal or financial changes.
To implement the reforms, the government created a recovery commission which contacted mining firms and demanded settlement of all outstanding dues. This process led to the successful collection of 761 billion CFA francs, which is the full amount now confirmed by authorities. Some companies also reached individual agreements, including one settlement reported at 244 billion CFA francs, although the government did not specify whether this figure is part of the total recovered amount.
The government believes the new mining code will raise annual revenues even further. Current projections show that mining companies will contribute an additional 586 billion CFA francs every year, raising their total yearly contribution to approximately 1 trillion and 22 billion CFA francs. This expected increase represents a major improvement in state income at a time when mining remains one of Mali’s most important economic sectors.
Audit and legal expenses for the entire process cost the state only 2.87 billion CFA francs. Compared to the 761 billion CFA francs recovered, this amount is very small and demonstrates the financial value of tighter oversight and accountability.
The successful recovery marks a turning point for Mali’s resource governance. Officials hope that the stronger regulatory system, combined with clearer financial rules, will protect national resources and ensure that mining revenues are used to support national development. The scale of the recovery may also encourage other African countries to take similar steps to reclaim lost income from their extractive industries.
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