From a article published today by Bamada.net regarding new Mali mining code.
Still sounding like Goulamina "should" come under old code.
Used google translate.
Promulgation of the new mining code: Benefits to be planned in the long termAdopted by the National Transitional Council (CNT) on August 8, 2023, Mali's new mining code was promulgated on August 28 by the President of the Transition, Colonel Assimi Goïta. This new legislation is supposed to strengthen the interests of the State, therefore the share of the Public Treasury in the exploitation of the precious young metal. In any case, this reform raises a lot of hope. Except that this hope is somewhat dashed by experts who explain that the positive effects of this code will only be felt in the long term.
The promulgation of the new mining code is part of the preservation of the interests of the Malian people! This was announced by the Malian presidency after this text was promulgated on August 28, 2023 by the Head of State, Colonel Assimi Goïta. It is seen by the transitional authorities as a text intended to channel “
a greater share of revenue into the public treasury ” and increase “
Malian public and private interests in new projects.”". The new code now allows the government to take a 10% stake in mining projects and the option to buy an additional 20% during the first two years of commercial production. An additional 5% stake could be transferred to locals, bringing Malian public and private interests in new projects to 35%, compared to 20% today.
Not to mention that the reform of the mining code should annually bring in at least 500 billion CFA francs (762 million euros) to the state budget. With 72.2 tonnes produced in 2022 (including 6 tonnes by artisanal gold panning), gold alone contributed to 25% of the national budget, provided 75% of export revenues and 10% of GDP, it was specified in March 2023 the former Minister of Mines, Energy and Water, Seydou Lamine Traoré. “
The objective is to increase the contribution of the mining industry to 15 or 20% of GDP ,” said Amadou Kéita, the new Minister of Mines, during the debate on the code at the CNT.
Suffice to say that the new code raises a lot of hope in the country, especially in the heads of those who have always fought so that gold can shine for all Malians. A hope immediately showered by experts. “
Many of our compatriots applauded with both hands the recent adoption of a new mining code which is nevertheless to be welcomed ,” underlined an economist. But its effects will only be noticeable in the long term. And this for the simple reason that, he says, “
the mining companies operating in Mali were governed by different codes from each other ”.
Certainly, the new code will put an end to the disorder highlighted by the audit of the mining sector. Not to mention that it also places great emphasis on promoting local content. Indeed, companies now have the obligation to favor Malian economic operators over foreign suppliers. But the downside is that the law is not retroactive. The new legislation will therefore not be able to affect certain mining companies which, when signing their contracts, put in place “safeguards
” to protect themselves against any possibility of modification of their contract.
The Malian mining sector is dominated by foreign groups such as the Canadian Barrick Gold and B2Gold, the Australian Resolute Mining or the British Hummingbird Resources...
And the provisions of the new code will not apply to any of the fifteen or so mines which were officially in activies (etixploitations) in 2021. Otherwise, Mali's share will continue to be around 10 to 20% depending on the active mines.In mining legislation, there are what these experts call " stabilization clauses " under which an establishment agreement signed under the aegis of a code remains under it until the closure of the mine. This is the reason why we find in our country up to 4 or 5 generations of mining codes in application in Mali (the codes of 1970, 1991, 1999, 2012, 2019 and now 2029). “
This logic means that the new code can only apply to new investors who want to invest in the field in Mali from its date of promulgation as well as the agreements which are expiring and which must be subject to renewal ” , an expert told us.“
If the State allows itself to modify the mining contracts already in progress, it takes the risk of seeing itself prosecuted at the level of international jurisdictions… It is not even excluded that some of these accounts will be seized”, explained to us a legal advisor in a multinational. In the opinion of our interlocutors, “
the new code is not likely to initiate a paradigm shift for the benefit of Mali and Malians in the field, contrary to what is announced ”. We might as well temper our hope to avoid any disillusionment!
(20min delay)