Mali begins building Russian-backed gold refinery
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Mali’s Gen Assimi Goïta and Russia’s Irek Salikhov break ground on a gold refinery aimed at boosting local processing and reducing foreign dependency.
Mali Begins Construction of Russian-Backed Gold Refinery to Assert Economic Sovereignty
Bamako, Mali – Mali has launched the construction of a major gold refinery in partnership with Russia’s Yadran Group, marking a significant step in its bid to assert “economic sovereignty” and gain greater control over its vast mineral wealth.
Military leader General Assimi Goïta, who came to power in a 2021 coup, attended the groundbreaking ceremony on Monday alongside Yadran Group CEO Irek Salikhov in Senou, near the capital Bamako.
A Strategic Shift Toward Russia
The new refinery is the latest sign of Mali’s deepening political and economic alliance with Russia, following its distancing from France and other Western powers. Since 2021, the junta has cultivated strong ties with Moscow, echoing similar moves in neighboring Burkina Faso and Niger, which have also shifted their allegiances following military takeovers.
“It’s a long-awaited dream of the Malian people, and today it’s becoming a reality,” said Gen Goïta at the launch. “This refinery will enable Mali to refine all the gold mined on its soil, ending decades of crude export to foreign refineries.”
Refinery Details and Regional Ambitions
The Senou refinery is expected to have an annual capacity of 200 tonnes of gold. Mali will hold a majority stake, while Yadran Group will own a minority share.
Yadran CEO Irek Salikhov praised the project as a “win-win” and highlighted its regional ambitions:
“The goal is to transform the plant into a regional hub for refining gold, not only from Mali but also from neighboring countries like Burkina Faso,” Salikhov stated.
Challenging Western Influence
The project underscores Mali’s drive to reclaim control over its natural resources, especially in the wake of recent decisions like placing a major gold mine operated by Canadian company Barrick into state administration — effectively sidelining foreign control.
Despite being Africa’s second-largest gold producer, Mali has long struggled with poverty and inequality, more than six decades after gaining independence. By refining gold domestically, the government hopes to retain more value from exports and generate employment and revenue within the country.
No timeline for the completion of the refinery has been disclosed.
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