New discoveries by mining companies have increased Mali’s estimated gold reserves to 822 tonnes, or around 16 years of output at current production levels, the West African nation’s mines ministry said on Friday.
Mali is Africa’s third-largest gold producer after South Africa and Ghana. Early last year, the ministry estimated reserves at 800 tonnes. Total output reached 50.9 tonnes in 2016 with industrial production accounting for 46.9 tonnes.
“The increase in reserves is due to the discovery of new reserves in several mines, notably in Randgold’s Loulo-Gounkoto complex and the Morila mine,” head Yaya Djire, head of the ministry’s mines division.
International mining companies operating in Mali include Randgold Resources, Anglogold Ashanti, Iamgold, Endeavour Mining and Resolute Mining.