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Mali’s mines ministry projects that industrial gold production will remain below 60 tonnes annually through 2029 as the sector recovers from regulatory friction.
The ministry’s 2026–2029 operational strategy forecasts industrial extraction at 43.2 tonnes in 2026, rising to 51.2 tonnes in 2027 and reaching a peak of 57 tonnes in 2028 before dropping to 50 tonnes in 2029.
Four major operations will drive the bulk of this volume: B2Gold’s Fekola mine, Barrick’s Loulo-Gounkoto complex, Resolute’s Syama operation, and Allied’s Sadiola mine.
Meanwhile, artisanal and small-scale mining output will hold steady at approximately six tonnes each year.
The modest recovery plan follows significant market disruption stemming from Mali’s aggressive mining reforms.
A prolonged legal dispute with Canadian miner Barrick Gold over regulatory changes led authorities to place the Loulo-Gounkoto complex under temporary state administration before both sides settled last year.
The dispute eroded investor confidence and squeezed national output, causing industrial gold production to fall to 42.2 tonnes in 2025—down sharply from 54.8 tonnes in 2024 and far below the record 66.5 tonnes produced in 2023.
In addition to suppressed production levels, the mines ministry anticipates a steady depletion of national gold deposits over the forecast period.
Known industrial reserves will decline from 906.8 tonnes in 2026 to 748.6 tonnes by 2029.
The ministry offered no official explanation for the projected production path or reserve reduction, and officials did not respond to requests for further detail.
