Mali’s military government has officially entered into an agreement with Russia, unveiling plans for a state-of-the-art gold refinery project to be established in the Malian capital, Bamako.

The deal, which spans four years, includes the construction of a refinery capable of processing a substantial 200 tonnes of gold annually.

Gold stands as Mali’s primary export product by value and plays a pivotal role in contributing to the country’s economic growth, as emphasized by the mining ministry.

The agreement, while not specifying exact construction timelines, signals a strategic initiative to fortify Mali’s control over its gold production.

Finance Minister Alousséni Sanou expressed optimism about the project’s implications, stating that it would empower Mali to oversee and regulate all aspects of gold production within the country.

This, he believes, will enable the government to meticulously apply taxes and duties, ensuring a streamlined and transparent revenue collection process.