On May 7, 2025, the Malian government granted a new gold exploration permit to B2Gold Mali Resources SARL, a subsidiary of Canadian mining company B2Gold. The permit merges the Menankoto-South and Bakolobi sites, both located in the Kéniéba district in the country’s southwest.
Already operating the Fekola gold complex, B2Gold is further strengthening its foothold in Mali. In 2024, the company produced 13.7 metric tons of gold, contributing significantly to the country’s total output of 58.7 tons. For 2025, B2Gold projects production of between 515,000 and 550,000 ounces (approximately 15.9 to 17.1 metric tons), at a cost of $845 to $905 per ounce, according to its quarterly report.
This expansion is supported by a stability agreement signed in September 2024, which shields ongoing projects from disruptions linked to the new 2023 mining code—a strategic advantage as other mining companies struggle to find common ground with the authorities.
As Africa’s second-largest gold producer after Ghana, Mali relies on the precious metal for 75% of its exports and nearly 9% of its GDP. While the government in Bamako seeks to increase its share of mining revenues, growing legal uncertainty is raising concerns among international investors.