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Madagascar

Open in the explorerOrganisations (9)Events

Production, refining and reserves

CommodityMetricValueWorld rank · shareSource
Rare earthsMine production 20252,700 t REO#7 · 0.7%USGS MCS 2026
CobaltMine production 20253,900 t Co content#4 · 1%USGS MCS 2026
CobaltRefinery production 20233,400 t Co content (refined)#6 · 2%USGS Minerals Yearbook 2023 (cobalt), table 8
CobaltReserves 2025100,000 t Co content#9 · 0.8%USGS MCS 2026
NickelMine production 202338,000 t Ni content#12 · 1%USGS Minerals Yearbook 2023 (nickel, tables-only release), table 10
NickelRefinery production 202336,000 t Ni content (primary nickel products)#14 · 1%USGS Minerals Yearbook 2023 (nickel, tables-only release), table 12
NickelReserves 20181.6 million t Ni content#11 · 2%USGS MCS 2019
Graphite (natural)Mine production 202580,000 t natural graphite#2 · 4%USGS MCS 2026
Graphite (natural)Reserves 202527 million t natural graphite#3 · 9%USGS MCS 2026
Titanium (ilmenite)Mine production 2025300,000 t TiO2 content#8 · 3%USGS MCS 2026
Titanium (ilmenite)Reserves 202530 million t TiO2 content#5 · 6%USGS MCS 2026
Titanium (rutile)Mine production 202110,000 t TiO2 content—USGS MCS 2022
Titanium (rutile)Reserves 2023520,000 t TiO2 content#7 · 0.9%USGS MCS 2024
ThoriumResources 201422,000 t Th—OECD-NEA/IAEA Red Book 2014 (Uranium 2014), Table 1.17
BerylliumMine production 20251 t Be content#6 · 0.2%USGS MCS 2026
Zirconium (zircon)Mine production 202526,000 t zircon mineral concentrates (gross weight)#8 · 2%USGS MCS 2026
Zirconium (zircon)Reserves 20252.1 million t ZrO2 content#5 · 3%USGS MCS 2026
Mica (scrap and flake)Mine production 202570,000 t scrap and flake mica#2 · 20%USGS MCS 2026

Policies and export measures

Policy tracker →

  • 2023-07-27 · trade measure

    Revised Mining Code (Law No. 2023-007)

    The new code raises the special mining duties and taxes on exported mine products to a combined 5% (3% royalty to the state, 2% rebate to local authorities), with a 30% reduction where the minerals are processed locally. It also creates a category of strategic mining substances whose list is set by regulation, and lets the state require part of their output to be sold to domestic industry.

    Source: Conseil National de Législation (cnlegis.gov.mg), Republic of Madagascar

Trade in critical minerals

Exports 2024$872 m

  1. Nickel$471 mto Japan 31%, South Korea 26%, Netherlands 13% · 19 more
  2. Titanium (ilmenite)*$166 mto Canada 40%, United States of America 35%, China 23% · 4 more
  3. Cobalt*$89 mto United States of America 54%, Japan 13%, Netherlands 12% · 10 more
  4. Graphite (natural)$54 mto India 29%, China 15%, United States of America 12% · 36 more
  5. Chromium$34 mto China 98%, India 1%, Singapore 1% · 3 more
  6. Zirconium (zircon)$29 mto China 90%, Italy 6%, Brazil 4% · 2 more
  7. Thorium$17 mto China 100%, South Africa 0%
  8. Copper$10 mto China 57%, India 15%, Hong Kong 14% · 3 more

and 11 more commodities

Imports 2024$2 m

  1. Manganese$961 kfrom India 65%, Zambia 31%, Tanzania 3% · 1 more
  2. Potash$197 kfrom Germany 35%, Belgium 25%, Chile 15% · 5 more
  3. Aluminium$185 kfrom France 53%, Mauritius 16%, Italy 14% · 4 more
  4. Lithium*$97 kfrom South Africa 99%, India 0%, France 0%
  5. Rare earths$58 kfrom China 54%, South Africa 28%, United States of America 4% · 12 more
  6. Platinum-group metals$44 kfrom United Kingdom 60%, China 27%, Switzerland 13%
  7. Cobalt*$31 kfrom United States of America 100%
  8. Alumina$25 kfrom Belgium 52%, Netherlands 18%, France 12% · 4 more

and 16 more commodities

Trade values in current US dollars (ores, concentrates, intermediates, chemicals and refined metal), not prices. * Includes HS codes that also cover other products. Source: CEPII BACI (HS22), Etalab Open Licence 2.0 — details.

Fiscal regime for mining

InstrumentApplies toRateLegal basis
RoyaltyAll mineralsDroits et taxes spéciaux sur les produits miniers (DTSPM) = 3% redevance minière (State) + 2% ristourne minière (local authorities); 30% reduction of the rate where the substances are processed in Madagascar; no other levy on mine products may be charged along the value chain incl. export5%FOB value of exported mine products at international price at export (local sales: local market value)Loi n° 2023-007 portant refonte du Code minier (promulgated 27 July 2023) · Art. 283-285, 288-289in force 2023-07-27
State free-carried interestAll minerals10% free, non-dilutable share of the capital of a company awarded a mining permit through a State call for tender (areas studied/promoted by State bodies), held via a specialised State body10%Loi n° 2023-007 portant refonte du Code minier (promulgated 27 July 2023) · Art. 137-138in force 2023-07-27
Stability periodAll mineralsStability of fiscal, customs and parafiscal regimes on application, granted by interministerial order for 5 years, renewable (renewal terms by regulation); lost if the cahier des charges is not met; large investments may apply under the LGIM regime5 yearsLoi n° 2023-007 portant refonte du Code minier (promulgated 27 July 2023) · Art. 339-346in force 2023-07-27

Rates and terms as set in the cited law or regulation; agreements with individual projects can differ. Not legal or tax advice.

Deals and financing (2)

  1. 2026-08-07 · Government grant · signed

    U.S. International Development Finance Corporation → Harena Rare Earths plc · Ampasindava ionic clay rare earth project

    DFC announced project development funding for Harena Rare Earths' Ampasindava ionic clay rare earth project, its first mining investment in Madagascar.

    official release

  2. 2024-04-21 · Acquisition · completed · AUD 375

    Energy Fuels Inc. → Base Resources Limited · Toliara (Vara Mada) mineral sands and monazite project (Madagascar); Kwale (Kenya)

    Energy Fuels agreed to acquire Base Resources, owner of the Toliara heavy mineral sands and monazite project in Madagascar, for 0.026 Energy Fuels shares plus AUD 0.065 cash per share (about AUD 375 million); the scheme was implemented in October 2024.

    official release

Mines and facilities (7)

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