Mali’s military-led government has officially broken ground on a new gold refinery backed by Russia’s Yadran Group, a move military leader Gen. Assimi Goïta says marks a new era of “economic sovereignty” for the gold-rich but impoverished West African nation.
The refinery, which will be located in Senou near the capital Bamako, is expected to process up to 200 tonnes of gold annually. While no completion date has been set, the symbolic ceremony held on Monday, attended by Gen. Goïta and Yadran Group head Irek Salikhov, signaled Mali’s increasing shift away from Western influence toward strategic partnerships with Russia.
“It’s a long-awaited dream of the Malian people, and today it’s becoming a reality,” Gen. Goïta declared at the ceremony. He said the facility would allow Mali to “refine all the gold mined on its soil, ending decades of crude export to foreign refineries.”
The move further cements Goïta’s pivot since his 2021 coup, during which Mali has significantly downgraded ties with France and other Western countries.
Instead, the country has strengthened military and economic relations with Moscow, a pattern echoed by other Sahel nations such as Burkina Faso and Niger, which have also turned to Russia following military takeovers.
As part of the deal, Mali will hold a majority stake in the refinery, while Russia’s Yadran Group will retain a minority share. Salikhov described the partnership as a “win-win” and said the long-term ambition is to make the refinery a “regional centre for processing gold extracted not only in Mali, but also in neighbouring countries like Burkina Faso.”
Mali is currently Africa’s second-largest gold producer, yet its population continues to struggle with poverty more than six decades after independence. The new refinery is seen as a bold attempt to capture more value from its mineral wealth domestically.
The project also comes amid rising tensions with foreign mining firms. In a recent move, Mali placed a massive gold mine operated by Canadian firm Barrick Gold into administration, effectively bringing it under state control, a signal of the junta’s broader push for resource nationalism.
