Mali’s industrial gold production rose by about 30% in the first half of 2026, signalling a recovery in a sector that experienced a significant decline last year amid regulatory disputes and operational disruption.
Industrial mines produced approximately 23.5 tonnes of gold between January and June, compared with about 18 tonnes during the same period in 2025, according to Mali’s Ministry of Mines. The result also exceeded the government’s first-half forecast of 21.2 tonnes.
The performance puts Mali broadly on course to meet its full-year industrial production target of 43.2 tonnes, although maintaining that trajectory will depend on mine performance during the second half of the year.
Industrial gold production fell to 42.2 tonnes in 2025, from 54.8 tonnes in 2024 and a record 66.5 tonnes in 2023. The decline followed disruptions at major operations, particularly Barrick’s Loulo-Gounkoto complex, amid a wider dispute between the government and mining companies over Mali’s mining regime.
The government has been seeking greater state participation in the sector and a larger share of mineral revenues. Reforms introduced through the 2023 mining code increased the potential role of the state and local interests in mining projects, while authorities have also pursued outstanding payments from companies. The changes have contributed to tensions with some international operators.
The first-half recovery suggests that parts of the industrial sector are beginning to stabilise. B2Gold’s Fekola mine was the largest reported producer, generating approximately 8.85 tonnes during the period. Barrick’s Loulo operation produced about 6.9 tonnes, already exceeding its total output for 2025.
Resolute Mining’s Syama mine produced approximately 3 tonnes, while Allied Gold contributed about 3.5 tonnes.
Gold remains central to Mali’s economy, providing export earnings, government revenue and employment. However, industrial production figures do not capture the entire gold economy. Artisanal and small-scale mining remains significant, supporting livelihoods and local trading networks across the country.
Mali is also seeking to strengthen future production through new developments. B2Gold’s Fekola Regional project, which includes the Menankoto area, is expected to produce more than 150,000 ounces of gold annually from 2028, subject to development and regulatory milestones. The ownership structure provides for a 35% stake by the State of Mali.
Toubani Resources’ Kobada project is another potential source of future production. Its feasibility study envisages average annual output of about 162,000 ounces over an initial mine life of approximately 9.2 years, with first production targeted for 2027.
The new projects reflect the government’s broader objective of ensuring that mineral wealth generates greater domestic economic value. For investors, however, regulatory predictability, licensing arrangements and stable operating conditions remain important considerations for projects requiring substantial long-term capital.
Mali’s medium-term outlook remains mixed. Government projections indicate industrial gold production could reach about 57 tonnes in 2028 before declining to roughly 50 tonnes in 2029, highlighting the need to develop new deposits as existing mines mature.
The first-half figures therefore represent a significant improvement, but not necessarily a resolution of the structural challenges facing Mali’s gold industry. The durability of the recovery will depend on stable relations between the government and mining companies, continued investment in new projects and the ability to convert mineral wealth into broader economic benefits.
For Mali, the challenge is increasingly not only how much gold the country produces, but how effectively that wealth supports public revenue, local participation, investment and long-term economic development.
