Mali: Mines Ministry Affirmed State Earnings from The Gold Mining Sector Produced a Tart of 1.65 Trillion CFA in 2019

By Abdul Rahman Bangura–

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- This Western Africa nation recounted, the country’s income from gold mining corporations rose 63.5% to 403.6 billion CFA in 2019 described in relation with 2018, improved by a competitive turnover from firms regulating in the West African nation, according to a release by the government.

In furtherance of this, the country’s mines ministry acknowledged; the gold mining sector developed a turnover of 1.65 trillion CFA in 2019 correlated with the earlier year, up 19%, due the increase output and a rise in global gold prices.

The Spot Gold is presently trading at around $1,717 per ounce up from around $1,280 per ounce at the end of 2018. Mali’s gold output rose to 71.1 tones in last approximated with 66.8 tones the prior year.

Industrial gold production is anticipated to fall by 8.3% year on to 59.77 tones 2020 corresponded with last year, due to declining output at various mines, the Mines Ministry said on June 3rd, 2020.

The ministry said in the statement on Wednesday that the 403.6 million revenue contribution included taxes, and other royalties. It represented around 25% of this total fiscal resources in 2019, according to the finance ministry.

The mining sector accounted for around 9.7% of Mali’s gross domestic product in 2019, with gold as the country’s main export dividend earner, the Finance Ministry asserted.

Thirteen industrial gold mining businesses regulate in Mali constituting Barrick Gold Corp, Resolute Mining Limited , B2GOLD, AngloGold Ashanti Limited, and Endeavour Mining Corp. The government also has some 350 artisanal gold mining locations.

For New Africa Daily News Abdul Rahman Bangura Reports,  Africa Correspondent

www.newafricadailynews.com