Mali's government has approved a new mining code that will allow the government to own as much as 30% of upcoming mineral projects.

Africa News reports that the office of Junta leader Assimi Goita announced recently that he had signed the code into law.

Economy Minister Alousseni Sanou predicted that reforming the mining code could bring in 500 billion CFA francs ($820 million) for the national budget.

Mali's then-minister of mines, Lamine Seydou Traore reported in March that the country mined 72.2 tonnes of gold in 2022, with artisanal gold miners contributing 6 tonnes.

He also noted that 25% of government spending, 75% of export earnings, and 10% of GDP all come from gold.

Foreign companies, such as Canada's Barrick Gold and B2Gold, Australia's Resolute Mining, and the United Kingdom's Hummingbird Resources, control the vast majority of Mali's mining output.

Since seizing power in 2020, the junta in Mali has prioritised national independence.

The government is targeting a 15-20% contribution to GDP from the mining industry.

-Africa News