Mali has announced the creation of a public company to manage its mining assets. Named the Malian Mining Heritage Company (SOPAMIM), its capital is wholly owned by the state. SOPAMIM will acquire and manage Mali's holdings in the mining sector, as the country is one of Africa's largest gold producers.
The initiative aims to transform the management of Mali's subsoil resources. It aligns with the same vision as the Mining Code adopted in 2023 to strengthen Mali's sovereignty over its natural resources and ensure the management of the mining sector in the national interest.
In two years, the new mining code has increased state and local government participation in mines from 20% to at least 35%. It has contributed to increased tax revenues... As a result, state revenue from gold mining companies is projected to reach 52.5% in 2024.
The mining sector is a strategic sector for the economy of Mali.
It contributes significantly to export and tax revenues, private sector development, and the attractiveness of foreign direct investment. It also contributes massively to the Gross Domestic Product (GDP).
Other resource-producing countries in West Africa, such as Niger and Guinea, manage their assets through similar structures.
