Mali Goes for Gold: New Refinery with Russia Signals Big Power Shift in West Africa
Mali’s military government is digging in deep — literally and geopolitically. This week, the junta led by Gen. Assimi Goïta broke ground on a massive gold refinery, built in partnership with Russia’s Yadran Group. The move is being hailed by the regime as a giant step toward economic independence — and a not-so-subtle rejection of Western dominance in the region.
From Gold Dust to Power Play
For decades, Mali has been Africa’s second-largest gold producer, yet its wealth has barely trickled down to its people. The majority of Mali’s raw gold has been shipped out for refining in foreign countries, leaving behind crude returns and missed opportunities.
But that could soon change.
On Monday, Gen. Goïta and Yadran Group CEO Irek Salikhov laid the first stone at Senou, near the capital Bamako, for what is set to become a 200-tonne capacity gold refinery.
“It’s a long-awaited dream of the Malian people, and today it’s becoming a reality,”
said Gen. Goïta.
Who’s Really in Control?
Unlike many resource deals in Africa, Mali will hold a majority stake in this refinery. The Russian partner — Yadran Group — will hold a minority share, a setup being framed as a “win-win” by Salikhov.
“This plant will not only serve Mali, but could become a regional gold refining hub for Burkina Faso and other neighbors,”
he added.
Breaking Up With the West, Embracing the East
Since seizing power in a 2021 coup, Goïta has pivoted hard away from France and its Western allies. In their place, he’s building deeper military and economic alliances with Russia, a trend also visible in Burkina Faso and Niger, where coups have shifted power — and loyalties.
This geopolitical shuffle is already having real impact:
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Canadian gold giant Barrick recently saw its massive mine in Mali placed under state administration, effectively nationalized.
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Western mining firms are under pressure, as the region moves to reclaim its resources and cut new deals on new terms.
Why This Matters
Mali has been exporting raw gold for decades — enriching foreign refiners while leaving local industries undeveloped and citizens in poverty. Now, with a refinery of its own:
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Jobs will be created
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More value will stay inside Mali
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And the government strengthens its grip on a strategic asset
“This is about economic sovereignty,” Gen. Goïta declared — a message not just to Malians, but to global powers watching from the sidelines.