Mali holds third-largest gold reserves in Africa amid political turmoil
Alia Chughtai, Marium Ali
Mali, with an estimated 800 tonnes of gold reserves, ranks third in Africa, but its mining sector suffers from security and political instability since 2012. Despite producing about 100 tonnes of gold in 2024, smuggling and underreported artisanal output distort official figures. The country also holds significant lithium, uranium and other mineral deposits, though exploration remains hampered by unrest.
Since 2012, Mali has been mired in successive coups, political instability and security crises. In the latest development on April 25, an armed group linked to al-Qaeda joined forces with Tuareg separatists to launch coordinated attacks on targets across the country, killing Defense Minister Sadio Camara and forcing militant groups to declare a siege on the capital, Bamako.
Amid this turmoil, Mali, with a population of 24 million, holds vast, untapped gold resources. Its confirmed gold reserves stand at around 800 tonnes, ranking third in Africa after South Africa (5,000 tonnes) and Ghana (1,000 tonnes). The Malian government estimates geological gold potential could reach up to 2,000 tonnes.
More than two million Malians depend on the mining sector for their livelihoods. Most gold mines are concentrated in the southern regions of Sikasso and Koulikoro, and the western region of Kayes, along the Birimian volcanic belt. According to the World Gold Council, Mali produced approximately 100 tonnes of gold in 2024 (including artisanal output), making it Africa's second-largest producer after Ghana (140.6 tonnes) and ahead of South Africa (98.9 tonnes). This figure far exceeds the official annual production of about 57 tonnes, with the gap largely attributed to rampant smuggling and underreported artisanal output.
Gold is Mali's top export, accounting for nearly 80% of total export value and generating around $4.3 billion in 2024, according to the U.S. Department of Commerce and the International Monetary Fund. Other major exports include raw cotton, refined petroleum, oilseeds and iron ore.
Mali's mining industry has long been dominated by foreign companies, particularly Canadian and Australian firms, while Chinese involvement is growing. In 2023, the transitional military government that seized power after the August 2020 coup enacted a new mining code, allowing the state to hold up to 35% equity in mining operations. Combined with stricter tax enforcement, the law aims to boost national revenue from foreign operators.
Canadian mining company Barrick Gold is one of the largest operators in Mali, having mined gold at the Loulo-Gounkoto complex in the west of the country since 2005. Other major mines include Fekola, Syama and Sadiola Hill. The Goulamina project is Mali's largest lithium mine, majority-owned by China's Ganfeng Lithium, with a significant stake held by Australia's Leo Lithium, while the Malian state holds a smaller share. The project contains tens of millions of tonnes of lithium-bearing ore.
Beyond its vast gold reserves, Mali also has significant deposits of lithium, uranium, phosphate, iron ore, manganese and diamonds. The Goulamina project in southern Mali is estimated to contain more than 200 million tonnes of lithium resources, making it one of Africa's largest lithium mines. Uranium exploration focuses on the Kidal and Falea regions, while diamond deposits have been identified along the Niger River basin. Most of Mali's mineral resources remain unexplored and unexploited, particularly in the northern part of the country, where instability has hindered development.
According to the National Directorate of Geology and Mines, as of 2022, Mali is estimated to have: 2,000 tonnes of gold resources; 40 million tonnes of limestone; 10 billion tonnes of shale; 2 billion tonnes of iron ore; 11,000 tonnes of uranium; 10 million tonnes of manganese; 5.8 billion tonnes of lithium; 1.2 billion tonnes of bauxite; 2.4 million carats of diamonds; 53 million tonnes of rock salt; and 60 million tonnes of granite.
