Ann: Mali adopts of Mining Code in regulatory stability move, page-5

The mining code is not obscure at all. It's printed in black and white. Mali can take up to 30% of any project at a low valuation - free carried. Any project must also sell 5% to locals at the same rate the Gov pays. Tax exemptions have disappeared.

The companies you mention are locked in all having existing projects under the old mining code. However the Junta are showing every intention of forcing everybody onto new mining code when/if they need any approvals from Government and especially if any expansion plans are in the works.

There is no way on god's earth a low grade deposit in Mali is feasible under the new legislation. Any value that can be unlocked in that (extremely marginal) is only if the project is within short trucking distance of an existing plant IMO.