The government will not take any percentage of the company. The...

The government will not take any percentage of the company. The only thing they can claim is a percentage of the project, and that is either interpreted under the old mining code (which it should be), or the new mining code (which it shouldn't be but remains a key risk).

Under the New Mining Code:
• the free carried interest is changed to a “minimum” of 10 per cent, suggesting that the State may seek to negotiate an increase of its free carried interest in certain projects; and
• the optional additional participation the State may acquire is increased to 20 per cent.

Under the 2019 Code, mining companies had to transfer a 5 per cent interest to local Malian investors, although the method and the category of investors remained unspecified. Under the New Mining Code, shares must be transferred to the State, which will oversee their allocation to local investors (albeit with no timeline to do so).
In other words, the State now has an option to acquire a minimum of 35 per cent of the local mining companies operating mines in the country, including a minimum of 10 per cent for free.