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Mali's gold production plunges by 23% after Barrick halts operations and tougher rules are implemented
Mali's industrial?gold?output declined 22.9% in the year 2025 due to the long?suspension? of Barrick Mining operations because of a dispute about tougher mining regulations, according to preliminary figures released by the West African nation's Mines Ministry. Mali is one of Africa's biggest gold producers. It has been pushing for reforms to increase the value of this sector. This was enshrined into a mining code that was introduced in 2023. The government announced in December that a sweeping audit had led to the recovery by mining companies of arrears amounting to 761 billion CFA francs (US$1.2 billion). The tougher rules ruffled some miners, which led to a two-year standoff between Barrick and its massive Loulo Gounkoto 'complex.' A deal was finally struck late last year after the Canadian company placed Loulo Gounkoto under temporary administration. The two-year standoff affected the sector's sentiment and disrupted production across the industry. This offset gains from new entrants to the mining industry and the expansion of small-scale industrial miners, according the data seen on late Thursday. The data shows that industrial production dropped to 42.2 tons from 54.8 tons when updated in 2024. Mali's industrial output of gold peaked at 66.48 tonnes in 2023. Mali's largest gold producer, Loulo-Gounkoto, reopened under an appointed state administrator in July. However, persistent logistical problems limited output to just 5.5 tonnes in 2025. This is down from 22.5 tons the year before. B2Gold surpassed Barrick as Mali's top gold producer by 2025. Allied Gold, boosted 'by its new large mine Korali-Sud along with its Sadiola Mine, ranked second, followed by Barrick -with 5.5 tons. The artisanal gold production remained at six tons in 2020. Total national production in 2025 was 48.2 tonnes, which is 22.7% less than the original 54-ton government forecast.
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China and Russia hold talks following a halt in power supplies
China has halted imports of Russian electric power, the?Kommersant?newspaper reported Friday. Citing sources who are familiar with the situation, and citing high prices, Russia stated that it was prepared to resume sales, and talks were in progress. The Chinese government did not respond immediately to a comment request. The Russian energy ministry said that the first priority was to meet the rising demand for electricity in Russia's Far East but it could resume supplying to China if the terms agreed. It said that "Russia could resume electricity exports from China if Beijing makes a similar request and mutually beneficial terms of cooperation are agreed upon." The statement did not specify whether China or Russia was responsible for the decision to stop supply. INTERRAO?SAYS CONTRACT IN CHINESE IS VALID InterRAO, the Russian supplier of electricity to China, said that talks were in progress, but neither party intended to cancel their contract. The statement said that "at present, the parties actively explore opportunities for electricity trading." The Chinese side with whom we are constantly in contact has not also expressed an interest in ending the contract. The Kommersant newspaper attributed the stoppage to the higher prices of power in Russia as compared to China's domestic rates. InterRAO provides power to China via long-term contracts on interstate transmission systems in the Far East. Signed in 2012, the contract provides for the delivery to China of approximately 100?billion Kilowatt-hours over 25 years. Transmission capacity of interstate cables connecting China's northeastern regions with the Far Eastern power system allows deliveries up to 7 billion Kilowatt-hours annually. After a record 4.6 billion kilowatt hours of exports to China in 2022 due to system constraints, and a shortage of power capacity in the Far East where electricity demand has grown, Russia is reducing its supplies. Exports to China dropped to 3.1 billion Kilowatt-hours in?2023. By 2024, they had fallen to 0.9 billion Kilowatt-hours. In 2025, the decline continued: only 0.3 billion kilowatt hours were delivered to China in the first nine-month period. (Reporting Anastasia Lyrchikova; additional reporting Colleen Waye in Beijing; writing Vladimir Soldatkin, editing Barbara Lewis.)
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China and Russia hold talks following a halt in power supplies
Kommersant reported that China had stopped importing electric power from Russia due to high prices. Russia responded by saying it was willing to resume sales, and discussions were underway. The Chinese government did not respond immediately to a comment request. The Russian energy ministry said that the highest priority was to meet the rising demand for electricity in Russia's Far East, but it could resume supplying to China depending on terms agreed. It said that "Russia could resume?electricity?exports into China" if Beijing made a similar request and mutually beneficial terms of cooperation were reached. The statement did not specify whether China or Russia was responsible for the decision to stop supply. INTERRAO SAYS CHINESE?CONTRACTS ARE VALID InterRAO, the Russian supplier of electricity to China, confirmed that talks were taking place, but neither party planned to terminate their agreement. The statement said that "at present, the parties actively explore opportunities for electricity trading." The Chinese side with whom we are constantly in contact has not also expressed an interest in ending the contract. The Kommersant newspaper attributed the stoppage to higher Russian power prices compared with China. InterRAO provides power to China?under a contract for a long time via interstate transmission in the Far East. Signed in 2012, the contract provides for the delivery of approximately 100 billion kilowatt hours?to China during a 25-year period. Transmission capacity of interstate cables connecting China's northeastern regions with the Far Eastern Power System allows deliveries up to 7 billion Kilowatt-hours annually. After a record-breaking export of 4.6 billion kilowatt hours in 2022 Russia has reduced supplies to China due to system constraints, and a shortage of power capacity in the Far East where electricity demand is increasing. Exports to China dropped from 3.1 billion kilowatt hours in 2023 to just 0.9 billion kilowatt hours in 2024. They fell further in 2024 to 0.9 billion KWH. In 2025, the decline continued: only 0.3 billion kilowatt hours were delivered to China in the first nine-month period. (Reporting Anastasia Lyrchikova; additional reporting Colleen Waye in Beijing; writing Vladimir Soldatkin, editing Barbara Lewis.)
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Copper prices fall to a one-week low due to profit-taking, China demand and concerns
The copper price fell to a new low of one week on Friday, mainly due to profit-taking following a rally driven by speculative fund managers. Meanwhile,?demand for physical copper in China was muted. Benchmark?three month copper on the London Metal Exchange fell 1.2% to $12,955 per metric tonne by 1100 GMT, after reaching its lowest level since January 9 at $12,774.5. Metal used in construction and power is down 5% from a record high of $13,407, reached on Wednesday. China's securities regulator, which is the world's largest metals consumer, has vowed to crackdown on excessive speculation following this week's near 10-year highs in its benchmark stock index. The Shanghai Futures Exchange's most-traded copper contract closed the daytime trading down 2.3%?at 100 770 yuan (14,461.20 dollars) per ton. Metals have been under pressure at different points this week during the Shanghai day session, as China has reduced its risk and authorities in China are trying to curb recent retail "frenzy", said Marex metals analyst Alastair Munro. Yangshan Copper Premium - a sign that China has been suppressed by high copper prices - The price of a ton of copper fell by 16% to $32 on Friday, its lowest level since December 1. The copper inventories of ShFE-monitored storage facilities rose by 18% to 213,515 tonnes this week, the highest level since April. Aluminium, lead, and tin also saw a large increase. Copper prices rose by?20% over the last two months due to concerns about the tightening of availability of the metal as a result?of mine supply disruptions, and stock flow to the U.S. in anticipation?of possible tariffs. Technically, the closest support level for LME Copper is the?21 day moving average, which stands at $12,537. Other LME metals include aluminium, which fell 1%, to $3.136 per ton. Zinc also dropped 1.9%, to $3.253, while lead fell 1.5%, to $2.068.50. Tin slid by 3.5%, to $49.795; and nickel, down 2.5%, to $18,110. (Reporting and editing by David Goodman, Amy Lv Additional reporting by Polina Devitt)
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Gold prices fall as US data and easing geopolitical tensions dampen momentum
Gold prices extended losses ?from the previous session on Friday, as stronger-than-expected U.S. economic data and ?easing ?geopolitical tensions in Iran hampered bullion's bullish momentum. By 1058 GMT, spot gold had fallen 0.3% to $4600.49 an ounce. The metal is expected to gain 2% on a weekly basis after reaching a record high of $4,642.72 Wednesday. U.S. Gold futures for delivery in February edged down 0.4% to $4,604.70. Carsten Menke, Julius Baer analyst, said: "There used to be a lot of momentum in the gold market. It seems that it has waned a bit at the moment ....the recent economic news flow out of the U.S. is creating more headwinds than tailwinds, and this can be seen reflected by a slightly stronger U.S. Dollar." The U.S. Dollar hovered at a six-week peak on?the back?of positive economic data released on Thursday, showing that initial jobless claims fell 9,000 to 198,000 seasonally adjusted last week. This was below the economists' expectations of 215,000. The greenback price of bullion is more expensive to overseas buyers due to the stronger dollar. Geopolitically, Iranians contacted by the media on Wednesday and Friday said that protests had abated since Monday. Gold is a safe-haven during periods of economic and geopolitical uncertainty. Gold demand in India was muted this week, as prices reached record highs, reducing the appeal of retail purchases. In China, bullion trades at a premium as demand remains steady ahead of the Lunar New Year. Spot silver fell 1.9% to $90.53 an ounce. However, it was on track for a weekly increase of more than 13% following its all-time high price of $93.57 the previous session. "The silver price seemed to be 'determined to reach $100 per ounce before slipping back down ....speculative traders are keeping an eye out for that level, even though it wouldn't be sustainable on a medium- to long-term basis," Menke said. Spot platinum fell 3.5% to 2,326.51 an ounce and was expected to rise more than 2.3% this week. Palladium fell 2.9% to $1.748.66 an ounce after reaching a record low more than a week earlier. It was heading for a loss of 3.6% on a weekly basis.
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The world shares are nearing record highs due to simmering geopolitics
On?Friday global stocks were near record highs as tensions between the United States and other countries simmered. The dollar also held at a six-week peak as traders reduced their bets about Federal Reserve interest rate cuts. Gold, a safe-haven, fell in price, and oil prices recovered from a previous decline after U.S. president?Donald??Trump took 'wait-and-see' attitude toward Iran. He had earlier threatened to intervene. Since the beginning of the year, the markets have been dominated by international politics following Trump's actions in Venezuela and his threats to seize Greenland. Michael Brown, Senior Research Strategist at Pepperstone said: "Although we seem to have dialled down the likelihood of U.S. Intervention in the Middle East, I don't believe we can completely rule it out." US PUBLIC HOLIDAY MARKET ACTIVITY Brown stated that market participants might lack 'conviction' ahead of Monday's Martin Luther King Jr. Day U.S. Holiday. He said: "I would not be confident if I were running a long-risk book or a short-crude one into a weekend of three days with the Middle East tensions going on." The pan-European Stoxx 600 Index was flat after a record high on Thursday. The CAC 40 in France was down 0.4%, lagging behind regional peers due to political uncertainty. French lawmakers were unable to reach an agreement on Friday, so the government postponed discussions about its budget for 2026. U.S. Stock Futures point to a strong start on Wall Street. A week of earnings will be capped off by State Street's results. Tech-heavy indices in Taiwan.TWII, South?Korea.KS11 and Asia.KS11 reached all-time highs as stellar results.from Taiwanese semiconductor maker TSMC 2330.TW revived AI trade. U.S.-Taiwan trade agreement signed on Thursday reduces tariffs for many semiconductor exports and directs investment towards U.S. tech industry. It could also anger China. Tony Sycamore is a market analyst for IG. He said, "I think with the TSMC's report yesterday sounding so positive, it provided a much needed shot in the arms for those AI stocks that have been struggling in recent months on Wall Street." TRADERS WATCH YEN INTERVENTION. The yen has grabbed the attention of currency traders after Japanese Finance minister Satsuki Katayama stated on Friday that Tokyo would not exclude any options for countering excessive volatility in foreign exchange, including coordinated interventions with the United States. Her comments slightly lifted the yen JPY=. After a report stating that Bank of Japan policymakers are considering raising interest rates earlier than expected, April is a possibility. The currency gained further. Last, the dollar was down 0.3% to 158 yen. Investors are betting that a snap Japanese election could be held as soon as next month. This would lead to a greater fiscal stimulus by Prime Minister Takaichi. Dollar hovered around a six-week peak after U.S. Economic releases this week, including data showing that the number of Americans who filed new unemployment benefits applications unexpectedly dropped last week. The dollar =USD was at 99.28 against a basket currencies. This is close to the peak of 99.493 on Thursday, its highest level since early December. FRX/ The markets have priced in 20% of a Fed rate reduction in March. This is down from 50% about a month earlier. Prices on the oil market rose as supply concerns remained prominent despite the decreasing likelihood of an American military strike against Iran. Brent crude and U.S. West Texas Intermediate traded at just over 1% more. Gold XAU= spot was down by 0.12% to $4,609 per ounce. GOL/ (Reporting from Sophie Kiderlin and Rae Wee, in London; editing by Dhara Ranesinghe)
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US lawmakers arrive at Copenhagen to counter Trump’s Greenland threat
Bipartisan U.S. legislators will meet with the leaders of Denmark, Greenland and Iceland on Friday to assure them of the support of Congress despite the threats of President Donald Trump to seize Arctic?island. Trump has said that Greenland's strategic location and its large mineral supply are vital to U.S. national security. He has also not ruled out using force to seize it. The European nations sent a small number of military personnel this week to the island on Denmark's request. According to Frederiksen’s office, the 11-member U.S. delegaion, led by Democratic senator Chris Coons was to meet Danish Premier Mette Frederiksen, and her Greenlandic equivalent Jens-Frederik Nielson. Coons stated in a recent press release that "in a time of growing?international instability we must draw closer to our friends, not push them away." Senator believes "SANER HEADS will prevail" Jeanne Shaheen of New Hampshire, a Democrat who sits on the U.S. Senate's Foreign Relations Committee said that recent rhetoric about taking over Greenland by the U.S. undermined NATO, and played right into the hands of Russia and China, its two main enemies. "I am aware that there are deep, real concerns in Denmark and Greenland. When trust is shaken, these concerns are understandable. "But I think saner heads will prevail," she said, in remarks made ahead of her speech in Copenhagen. "I believe this because I see institutions already acting." Both sides of the aisle are united in their support for NATO, and the U.S./Danish relationship. The delegation is made up largely of Democratic legislators, but includes Republican Senators Thom Tillis (left) and Lisa Murkowski (right). The Greenlandic flag flew at the main staircase in the Danish Parliament building, Christiansborg, central Copenhagen, to mark the occasion. COPENHAGEN SEEK AFTER WHITE HOUSES MEETING The visit to Congress follows a high-stakes White House meeting on Wednesday where Danish Foreign minister Lars Lokke Rasmussen, and Greenlandic foreign minister Vivian Motzfeldt were able to meet Secretary of State Marco Rubio as well as Vice President JDVance. After the meeting, Danish officials stated that they had not been able to influence the U.S. government's position regarding Greenland. Rasmussen, Motzfeldt and other Danish and Greenlandic officials met with U.S. legislators in Washington to garner congressional support as Denmark and Greenland sought to resolve an unprecedented diplomatic crisis. Rasmussen, in an Instagram post late Thursday night, said that "(we are) prepared for cooperation in security in the Arctic. But it must?happen in respect of our territorial integrity and international law as well as the UN Charter." Trump floated the idea to acquire Greenland during his first term in 2019. However, he faces opposition from Washington, including within his own party. BIPARTISAN OPPOSITION GREENLAND SECURITY Both Trump's Republican Party and the opposition Democrats said they would support legislation to limit Trump's power to seize Greenland. This is despite an ongoing battle over war powers that Congress has under the Constitution. Also, a House bill supporting the annexation of Greenland was introduced. A /Ipsos survey found that only 17% of Americans approved of President Donald Trump’s efforts to acquire Greenland. And large majorities of Democrats, Republicans, and Independents oppose the use of military force to annexe the island. Trump has called this poll "fake".
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Bild reports that Germany will offer up to $7,000 in electric vehicle subsidies.
The German government will provide subsidies up to $7,000 for families with low and medium incomes to purchase new electric vehicles, according to a report in the 'Bild' newspaper on Friday. Berlin is hoping to boost sluggish sales within one of its key industries. German automakers are struggling to transition to electric cars, as demand is lower than expected. Bild, citing the Environment Ministry, reported that the government plans to provide new subsidies between 1,500 euros and 6,000 euro ($1,700-$7,000). Bild did not mention any requirements for local production to qualify for the subsidy. The report said that applications can be submitted retroactively from January 1 for new registrations. It also added that the website for application submissions is expected to launch in May. Bild cites Environment Minister Carsten Schneider as saying: "The funds will be enough to purchase 800,000 cars over the next 3-4 years." The Environment Ministry refused to comment on the "Bild Report". Schneider was scheduled to hold a press briefing on Friday morning in order to explain the details of his plans. The announcement was postponed by his ministry until Monday without any explanation. According to official statistics, Volkswagen's name-brand, Czech brand Skoda, and Spain's Seat accounted for the majority of battery-electric passenger vehicle sales in Germany last year. The German Chancellor Friedrich Merz's coalition government in principle approved the new subsidies last year, and has set aside a total of 3 billion euros for EV subsidies between 2026 and 2029. According to the VDA, the auto industry association that has 'called for a timely release of subsidies,' these measures should boost EV -registrations by 17% this year, compared to last year, to almost one million. Ferdinand Dudenhoeffer (head of the CAR Research Institute) was asked about the subsidy program. He pointed out that data showed the market share for electric cars has been steadily growing, due mainly to the more attractive prices. Dudenhoeffer stated that subsidies are not economically logical and place a strain on the budget. Holger Hansen reported, Rachel More contributed additional reporting, Thomas Seythal wrote, and Jane Merriman edited.
MORNING BID AMERICAS - Flood the zone
By Anna Szymanski
What Mike Dolan, the ROI team and I are looking forward to reading, watching and listening to this weekend.
From the Editor
Hello Morning Bid readers! The week began with a bang and it is yet to be seen if it will end on a whimper. Federal Reserve Chair Jerome Powell revealed that the Justice Department threatened to indict him on Sunday, drawing widespread condemnation. In a wide-ranging, multifaceted interview with President Donald Trump on Wednesday, Trump stated that he did not plan to fire Powell and also hinted at a possible delay in intervening in Iran.
Do investors have a chance to relax until next week? Most likely not. Monday in 2026 is still a very long time away. Trump has claimed he's in a "wait-and-see" mode with Iran, where 2,000 people were killed by a human rights organization. He also continues to threaten to buy Greenland. Just before Trump's meeting with Venezuelan leader Maria Corina Machado who recently won the Nobel Peace Prize, the United States seized a second Venezuelan-linked tanker. Washington's actions in Venezuela could be the start of a larger U.S. effort to realign Latin America in terms of geoeconomics, which would limit the ability of Russia or China to use Western Hemisphere commodity markets as a point of pressure. This week, geopolitical tensions in Venezuela and Iran as well as the Black Sea brought energy markets to the forefront. Brent crude prices spiked by 9% during the week ending Wednesday, reaching a three-month peak above $66 per barrel. However, they then plummeted below $64 after Trump's reversal on Iran. A large supply glut is still present, creating a dangerous environment for crude investors. Gold prices fell after reaching a new record high of $4642.72 per ounce on Tuesday. Gold may still have a number of tailwinds that will support price increases in this year despite this decline, including central bank appetite for gold and demand for safe-haven assets. This week, the Japanese yen was also volatile. The currency dropped on Wednesday, reaching a low of around 160 dollars per yen, an 18-month record. Since then, it has strengthened partly due to comments made by Japanese Finance Minister Satsuki Katayama regarding the possibility that the United States and Japan could work together to protect the currency. Is there more yen instability likely? It is likely, because Japan's economy has returned to normality after decades of turmoil. Investors may need some time to adjust to this new reality. The main dollar index, which is a measure of the currency's value, has been on the rise this week in spite of all the political turmoil domestically and internationally. The markets believe that while the Trump administration was able to roll back the near 50% increase in the dollar over the last?15-year period, the 7% decline expected by 2025 could be the end. The markets also received some additional information this week on U.S. Inflation, as the Consumer Price Index for December was released on Tuesday. The report revealed a slightly lower-than-expected increase in annual core prices. However, consumers and policymakers should not be cheered, as inflation could be higher than it appears. The major U.S. equity indices are expected to finish the week higher despite a tech-driven mid-week sell-off which was stopped by TSMC's blockbuster earnings report. Taiwan and Washington reached a deal Thursday to reduce tariffs on many Taiwanese exports. U.S. stock prices continue to shrug off Trump’s unorthodox policy, just as they did back in 2025, with the exceptions of the post "Liberation Day" ructions. But now that Trump has become the market activist, this might not last for very long. Check out Open Interest for more news on commodities and markets. Learn why talent is more important than territory in the future of AI, why the London Metals Exchange enjoyed a great resurgence since its crisis-induced years of 2022 and why uranium may rise this year.
Check out the reading, listening, and watching suggestions from the ROI team as we enter the weekend. Please contact me at
We're reading this weekend... ANDY HOME. ROI Metals columnist. Amanda van Dyke is the founder of Critical Mineral Hub. She offers a incisive view on why the U.S. government is so focused on Greenland. Rare earths are the topic, but not as you may think. RON BOUSSO is the ROI Energy columnist. Energy analyst Gerard Reid wrote a blog post that provoked thought about recent power outages. In the last year, Europe suffered from a series major blackouts which highlight the challenges that economies will face when undergoing the energy transition. Mike Dolan, ROI Finance & Markets columnist: In the IMF's Finance & Development Magazine, historian Johan Nordberg has written a powerful essay on his book Peak Human: What we can learn from the rise and fall of golden ages. He writes: "Leaders offer safety, greatness and a return of an imagined golden age by protecting and controlling. When the future seems uncertain, it is easy to fall into a familiar story. "Yet history tells us a different story." GAVIN MAGUIRE is a columnist for ROI Global Energy Transformation. Orennia, a software and intelligence company that specializes in energy, offers eight charts to define 2025.
Listen to JAMIE MCGEEVER, ROI Markets columnist. In the latest Perkins vs. Beamish Podcast, "Powell vs Trump – It's War," TS-Lombard economists Dario Perkins, and Freya Beamish, dissect President Trump's sudden escalation of tensions with Federal Reserve Chair Jerome Powell.
We're keeping an eye on... MIKE DOLAN: In 2025, stocks, bonds, and commodities all survived multiple shocks. Will they continue to show resilience in the coming year? This episode of The Big View features Peter Thal Larsen, editor-in charge of Open Interest and Anna Szymanski who discuss inflation, AI, and the buy-the dip mindset.
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(source: Reuters)