"Mali adopts new mining code that boosts state interests"

" Mali adopts new mining code that boosts state interests \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nMali adopted a new mining code on Tuesday that mining sector officials said would channel a greater share of revenue to state coffers and increase state and private Malian interests in new projects.\r\n\r\nThe government announced the review of the mining code in January after it said an internal audit had shown that Mali, one of Africa\u2019s biggest gold producers, was not receiving a fair slice of profits while granting too many tax breaks.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nThe new code now allows the government to take a 10% stake in mining projects and the option to buy an additional 20% within the first two years of commercial production, mining commission chairman Assane Sidibe told reporters.\r\n\r\nA further 5% stake could be ceded to locals, taking state and private Malian interests in new projects to 35%, from up to 20% today.\r\n\r\nMeanwhile certain tax exemptions have been abolished, Sidibe said.\r\n\r\nInternational miners in July said they were in talks with the government over new rules for the sector that has remained attractive despite coups and a deadly Islamist insurgency.\r\n\r\nThe approved code would generate an additional 500 billion CFA francs ($803 million) per year for the state and increase the mining sector\u2019s contribution to the economy by up to 20% of gross domestic product, from the current 9%, Economy Minister Alousseni Sanou and Mines Minister Amadou Keita said.\r\n\r\nBarrick Gold, the world\u2019s No. 2 gold miner, and Canadian rival B2Gold are among the biggest producers and have been expanding output in Mali, even amid frequent changes in government and rising insecurity.\r\n\r\n \r\n \r\n \r\n "

"Mali adopts new mining code that boosts state interests"

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