Latest News

Canada's Robex signs a new agreement with Mali to develop the Nampala gold mine

The Mali government announced that Canadian miner Robex had signed a new contract with the country to operate the Nampala mine located about 300 km south of Bamako.

The mine has been operated by the company since 2017, but the new mining codes of Africa's 2nd largest gold producer require international companies to pay more taxes and give up larger stakes in assets.

Robex, a company that has expressed its discontent with the new legislation by stating in September that it wanted to sell Nampala but had not yet received a reasonable offer.

In a statement released by the Mali Council of Ministers late Wednesday, it was stated that the company planned to produce 1.4 tonnes of gold annually for an 8-year period.

The company said that it had carried out a geological study which identified a deposit that contained mineral reserves of 17,351,000 tons, with 0.70 grams of gold per ton.

In the statement, it was stated that the government and company had signed an agreement in September that would allow Mali to increase their shareholding in the Project. This would give the state priority dividends. (Reporting and writing by Tiemoko Diallo; Editing and editing by Christina Fincher).

(source: Reuters)