Mali Establishes Agency to Regulate Gold Trade

Mali has established a new government agency to regulate its growing artisanal gold trade after discovering major differences between its official gold export records and the figures reported by importing countries.

The Council of Ministers said in a statement on Wednesday that the newly created Malian Office of Precious Substances will oversee and centralise the country’s gold trade.

According to the government, artisanal gold mining employs nearly 2 million people across 350 to 400 mining sites, but a large share of the gold is still smuggled out of the country.

A 2024 SWISSAID report estimated that between 30 and 57 metric tons of Malian gold, worth $1.98 billion to $3.77 billion, are exported each year without being officially declared. The report also estimated that Mali produced about 300 metric tons of undeclared gold worth $13.5 billion between 2012 and 2022.

Gold remains Mali’s biggest export, with industrial mines producing about 60 metric tons annually. Official data from the national statistics institute, Instat, showed that Mali’s gold exports increased from 1.61 trillion CFA francs in 2024 to 2.75 trillion CFA francs ($4.81 billion) in 2025.

South Africa received 60.4% of Mali’s official gold exports, while the United Arab Emirates (UAE) and Australia accounted for 12.2% and 12.1% respectively.

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