Endeavour and two gold producers embrace Mali's new mining code
London-listed Endeavour Mining (EDV.L) has announced, along with two other gold producers, their agreement to transition to Mali’s new mining code, according to government officials.
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00:00London-listed Endeavour Mining has announced, along with two other gold producers,
00:06their agreement to transition to Mali's new mining code, according to government officials.
00:12This code, which increases taxes and aims to transfer significant ownership of mining assets to the state,
00:19has led to intense conflicts within mining companies since its implementation in August 2023,
00:26contributing to a 23% decline in Mali's gold production last year, totaling 51 metric tons.
00:35On state television late Monday, Finance Minister Aluseni Sanu and the Minister of Mines revealed a new memorandum of understanding with Somika SA,
00:46an entity that is 80% owned by Endeavour and 20% by Malian government, along with Fabula Gold and Bagama Mining.
00:56The specifics of the agreement were not made public.
01:02Although Mali ranks among Africa's leading gold producers,
01:06regulatory uncertainties have regularly impacted both investment and production.
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