Mali's interim president Asemi Goita has signed a new mining code that will allow the military-led government to increase its ownership of gold concessions and make up for a major shortfall in revenues, Reuters reported.
The Malian government said the new mining regulations would allow state and local investors to take up to 35 per cent of equity in mining projects, up from 20 per cent currently, and could more than double mining's contribution to gross domestic product (GDP) to around 20 per cent.
It is unclear whether the new rules will affect existing projects.
An official at the mining ministry said last week that it would depend on implementing decrees, which have yet to be issued.
Mali is one of Africa's largest gold producers and home to mining companies such as Barrick Gold, B2Gold, Resolute mining and Hummingbird Resources.
Mali's Finance Minister Alousseni Sanou said late Monday that an audit of the mining sector showed the government intended to recover 300 billion to 600 billion CFA francs ($497 million to $995 million) in losses.
"The gap is about 300 to 600 billion CFA francs," he said. So, if the facts are confirmed, then there needs to be a renegotiation of what can be negotiated, a rollback of what can be taken back."
"When we negotiate with these companies, we will probably get 300 billion to 400 billion CFA francs."
Mining Minister Amadou Keita said some of the state's losses were caused by mining companies shipping gold ore to another tax-free mine for processing, and the new regulations would crack down on that.
He also said more emphasis would be placed on the distribution of mining ownership.
"From now on, mining ownership will be signed by several ministers (finance, mining, environment, etc.) for the sake of transparency and inclusivity," he said on state television.
