Production, refining and reserves
| Commodity | Metric | Value | World rank · share | Source |
|---|---|---|---|---|
| Lithium | Mine production 2025 | 9,400 t Li content | #7 · 3% | USGS MCS 2026 |
| Lithium | Reserves 2025 | 370,000 t Li content | #9 · 1% | USGS MCS 2026 |
| Uranium | Resources 2023 | 8,900 t U content | #37 · 0.1% | NEA/IAEA Red Book 2024 (Uranium 2024), Table 1.2a, <USD 260/kgU |
| Gold | Mine production 2024 | 70 t Au content | — | USGS MCS 2025 |
| Gold | Reserves 2024 | 800 t Au content | #14 · 1% | USGS MCS 2025 |
Policies and export measures
Policy tracker →2026-02-06 · incentive
Creation of the Société de Patrimoine minier du Mali (State mining holding company)
The Council of Ministers adopted texts creating a 100% State-owned public limited company to take and manage the State's holdings in mining companies, raise funds and carry shares on behalf of Malian nationals, as provided for in the 2023 Mining Code. Typed incentive because no other type fits a State holding company.
Source: Secrétariat Général du Gouvernement, République du Mali2025-09-19 · agreement
New establishment conventions for the Torakoro and Bougouni (Foulaboula) lithium mines and two gold mines
The Council of Ministers approved new exploitation-phase conventions with Lithium du Mali (lithium, Torakoro), Les Mines de Lithium de Bougouni (lithium, Foulaboula), SEMOS (gold, Sadiola) and SOMISY (gold, Syama), following protocols signed in September and November 2024. The conventions raise the State's shareholdings and convert them into non-contributory, non-dilutable stakes with priority dividends.
Source: Secrétariat Général du Gouvernement, République du Mali2025-05-28 · agreement
State participation in the Société de Raffinerie d'Or du Mali (gold refinery with Yadran)
The Council of Ministers adopted a bill and a decree on State participation in the Malian gold refinery company. The State signed a protocol with the Russian company Yadran to build and operate a refinery with capacity of 200 tonnes of gold per year, in which the State holds 62%, so that gold is processed in Mali by a State unit. Dated by Council adoption; the protocol signing date was not stated.
Source: Secrétariat Général du Gouvernement, République du Mali2024-12-04 · incentive
Decrees on State participation in lithium mining companies (Bougouni, Lithium du Mali) under the 2023 Mining Code
The Council of Ministers adopted decrees setting the terms of State participation in Les Mines de Lithium de Bougouni, Lithium du Mali, Korali Sud and Nampala. Under protocols migrating these companies to the 2023 Mining Code, the State takes 30% and national private investors 5% in the first three, and the State 20% in Nampala. Typed incentive because no other type fits a State-equity measure.
Source: Secrétariat Général du Gouvernement, République du Mali2023-08-29 · export control
Law No. 2023-040 of 29 August 2023 on the Mining Code
New mining code replacing the 2019 code. Holders of mining titles must refine or process their products in State-owned units in Mali (or other Malian refineries if authorised); the State receives at least 10% free, non-dilutable equity, may buy a further 20%, and 5% must be offered to national investors. It also defines strategic substances and lets the State suspend title awards in zones of strategic interest.
Source: Journal officiel de la République du Mali, reproduced by FAO FAOLEX
Trade in critical minerals
Exports 2024$3 m
- Manganese$2 mto China 100%
- Aluminium$935 kto India 68%, South Korea 23%, Japan 5% · 1 more
- Copper$94 kto Italy 100%, South Africa 0%
- Titanium (ilmenite)*$11 kto Australia 100%
- Lithium*$2 kto Canada 38%, Ireland 35%, France 15% · 3 more
- Graphite (natural)$1 kto South Africa 100%
Imports 2024$12 m
- Potash$12 mfrom Germany 93%, Côte d'Ivoire 7%, Spain 0%
- Manganese$110 kfrom Netherlands 50%, China 50%
- Lithium*$55 kfrom France 80%, Australia 12%, Côte d'Ivoire 8%
- Rare earths$18 kfrom France 81%, South Africa 13%, India 6% · 2 more
- Barite$10 kfrom Spain 100%
- Tungsten$5 kfrom United Kingdom 100%
- Boron*$4 kfrom China 92%, France 8%
- Nickel$1 kfrom United Kingdom 100%
and 1 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
| Instrument | Applies to | Rate | Legal basis |
|---|---|---|---|
| Royalty | All mineralsMining products bear the Impôt spécial sur certains produits (ISCP, rate fixed in the Code général des impôts) and an additional royalty, the Taxe ad valorem (TAV), whose rate is indexed to the commodity price as set by the implementing decree | —ISCP: turnover excluding taxes; TAV: valued production | Loi n° 2023-040 du 29 août 2023 portant Code minier en République du Mali (Journal Officiel) · Art. 134in force 2023-08-29 |
| State free-carried interest | All mineralsFree, non-dilutable State participation of at least 10% in the operating company (priority shares); priority dividend to the State of 10% of net profit after legal reserves | 10% | Loi n° 2023-040 du 29 août 2023 portant Code minier en République du Mali (Journal Officiel) · Art. 78-79in force 2023-08-29 |
| State paid participation | All mineralsState option to buy up to a further 20% for cash within 12 months of permit grant, priced at the chosen % of exploration and feasibility costs plus BCEAO rate + 2%, less State-borne costs and tax expenditures; operating company must also cede 5% to national investors via the State company | 20% | Loi n° 2023-040 du 29 août 2023 portant Code minier en République du Mali (Journal Officiel) · Art. 80, 82in force 2023-08-29 |
| Corporate income tax (mining) | All mineralsReduced IS/IBIC rate of 25% for holders of large- or small-mine exploitation permits for 3 years from first commercial production; a further 2 years at 25% for financing local enterprises or long-term local supply contracts. Afterwards the general CGI rate applies (not read) | 25%bénéfice imposable (determined under the Code général des impôts) | Loi n° 2023-040 du 29 août 2023 portant Code minier en République du Mali (Journal officiel, 1 Sept 2023) · Art. 139in force 2023-08-29 |
| Stability period | All mineralsFiscal stability runs from the establishment agreement's effective date to the 10th anniversary of first commercial production; mining duties, taxes and royalties are excluded from the stability guarantee | 10 years | Loi n° 2023-040 du 29 août 2023 portant Code minier en République du Mali (Journal Officiel) · Art. 132in force 2023-08-29 |
| Other | All mineralsSuch substances must be declared in turnover; their value is a 'superprofit' of which 50% goes to the State without consideration. Basis, rate and collection to be set by law and regulation. Same article: over-production royalty when output exceeds the feasibility plan by more than 30% (rate delegated) | 50%value of substances produced other than the one for which the permit was granted | Loi n° 2023-040 du 29 août 2023 portant Code minier en République du Mali (Journal officiel, 1 Sept 2023) · Art. 137in force 2023-08-29 |
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 (5)
2025-06-30 · Offtake · signed
Hainan Mining Co. Ltd → Les Mines de Lithium de Bougouni (Kodal Minerals) · Bougouni lithium project
Hainan Mining became exclusive buyer of all spodumene concentrate from Bougouni's DMS plant for four years under a take-or-pay offtake with annual volume and floor-price reviews.
2024-12-05 · Acquisition · signed · XOF 20000
Republic of Mali → Ganfeng International (Ganfeng Lithium) · Lithium du Mali SA (Goulamina spodumene mine)
Ganfeng agreed to transfer 35% of Lithium du Mali, owner of the Goulamina lithium mine, to the Mali government: 10% free-carried under the mining code and 25% bought for XOF 20 billion (about USD 32 million), alongside investment incentives for Goulamina phase 2.
2024-11-04 · Strategic partnership · announced
Government of Mali → Kodal Minerals (UK) Ltd (Hainan Mining 51% / Kodal Minerals 49%); Future Minerals; LMLB · Bougouni lithium project
The Hainan Mining-Kodal joint venture and the Mali government signed a memorandum bringing the Bougouni lithium project under Mali's new mining code and committing the government to approve transfer of the mining permit to the new local subsidiary LMLB.
2024-05-08 · Acquisition · completed · US$342.7 m
Ganfeng Lithium → Leo Lithium · Goulamina
Leo Lithium agreed to sell its remaining 40% of the Goulamina lithium project in Mali to Ganfeng for USD 342.7 million, alongside a USD 60 million settlement with the Malian government.
2023-01-19 · Equity investment · completed · US$117.75 m
Hainan Mining Co. Ltd → Kodal Minerals plc · Bougouni lithium project
Hainan Mining agreed to invest USD 117.75 million: USD 100 million into Kodal's UK subsidiary holding Bougouni plus a USD 17.75 million equity subscription in Kodal.
Mines and facilities (3)
Latest news
All news →- Mali's Bougouni lithium mine reports Q2 2026 output and fourth spodumene shipment
2026-07-17 · Kodal Minerals (RNS via Investegate)