Gold

Mali has officially taken control of the Yatela and Morila gold mines—two sites that had previously been left abandoned by their foreign owners, according to a government announcement over the weekend. This significant move reflects a broader trend in West Africa, where military-led governments are increasingly asserting control over strategic natural resources in response to soaring gold prices. The aim? To invigorate local economies and lessen reliance on foreign entities. Gold is not just a shiny metal; it represents…

In an exciting development, the Australian-listed company has announced a significant milestone that arrived ahead of schedule and under budget. This achievement marks a robust beginning for what is expected to evolve into one of the region’s key gold operations, a testament to the careful planning and execution of the project. As reported by Miningmx, Richard Hyde, Executive Chairman of West African Resources, described the first golden pour from the Kiaka mine as “a major milestone” in their bold ambition to…

Burkina Faso's Bold Gamble on Gold: A Nation Looks Inward OUAGADOUGOU, Burkina Faso — In a remarkable turn of events since the 2022 military takeover, Burkina Faso’s interim government proudly reports revenues of $18 billion stemming from its gold mining sector. Captain Ibrahim Traoré, the figure at the helm of this transformation, took power with a mission to reclaim the nation’s substantial natural wealth for its people. Gold, often romanticized and fraught with stories of both triumph and tragedy, is now…

Mali's Strategic Shift: Strengthening Ties with Moscow The recent diplomatic journey undertaken by Mali's transitional leader, Colonel Assimi Goïta, underscores a pivotal moment in the country's foreign relations. His visit to Russia highlights the deepening ties between Mali and Moscow at a time when Mali is stepping away from traditional alliances, particularly with the Economic Community of West African States (ECOWAS). As Goïta embarks on this military transition, one must consider how these shifts are redefining…

The military government of Mali is embarking on an ambitious campaign to consolidate control over its gold industry, a sector long dominated by foreign enterprises. Recent developments suggest a significant shift, characterized by a decisive push to reclaim authority from multinational operators, particularly in light of support from Russia. The junta's actions signal a broader intent to stimulate local processing capabilities, moving away from reliance on foreign entities. In a striking move, a Malian court recently…

Mali is forging a new path in its quest for economic autonomy. Recently, the country began the construction of a state-of-the-art gold refinery, powered by Russian backing. This strategic initiative, championed by its military-led government, aims to enhance the nation's control over its precious natural resources. But what does this really mean for Mali and its future? The newly established refinery is set to be a significant player in Mali's economy, with the Malian government holding a majority stake of 62%.…

On a recent Monday, Judge Issa Aguibou Diallo made a pivotal ruling that has shifted the course of one of Africa's most precious mining assets. He instructed that Zoumana Makadji, a chartered accountant and former Malian Minister of Health, be appointed as a provisional administrator within 15 days. This critical move effectively places operational control of the mine into the hands of an external authority, prompting questions about the future of this vital resource. Dispute Over Taxation…

Gold Reserves: A Pillar of Financial Stability in Africa In today's unpredictable financial landscape, gold reserves stand as a beacon of stability. They serve not just as a buffer against currency volatility, but also as a cornerstone of investor confidence—a vital asset for nations especially susceptible to external economic shocks. The importance of gold cannot be overstated; it has historically provided a sense of security as well as a tangible representation of wealth and economic strength. As stated by…

Ghana's Gold Smuggling Crisis: A Multi-Billion-Dollar Dilemma Ghana, often celebrated as Africa's leading gold exporter, finds itself at a crossroads. Each year, this vibrant nation loses billions of dollars due to rampant gold smuggling, particularly linked to its bustling artisanal mining sector. The unsettling details of this issue have recently been illuminated in a report from the nonprofit organization Swissaid, shining a light on a reality that many might prefer to ignore. Dive…

In a striking case of audacious criminality, two men have been sentenced for their involvement in the theft of a £5 million (€6m) gold toilet from Blenheim Palace in the UK. During a brazen raid in 2019, thieves forcefully entered the premises and made off with the intricately designed 18-carat gold toilet, a piece created by the renowned Italian artist Maurizio Cattelan. This unique work of art was prominently featured at an exhibition in Blenheim Palace, the ancestral home of former British Prime Minister Winston…