Russia, Mali Signed Agreement to Build New Gold Refinery

SEATTLE (Scrap Monster): The military government of Mali made an announcement late Tuesday that it has signed an agreement with Russia to build a gold refinery in the capital city of Bamako. The two countries signed several other agreements, as part of efforts to boost bilateral ties.

The non-binding memorandum of understanding signed between the two countries will be valid for an unspecified four years, according to the country’s Minister of Economy and Finance, Alousseni Sanou. The proposal calls for building a 200 tonnes per year refinery, which upon completion would be the largest gold refinery in the West African country. However, the minister declined to provide a definite timeline for construction.

According to the Minister, the successful completion of the gold refinery project will not only help it to have control over gold production in the country but will also enable the authorities in correct application of taxes and duties.

Mali is one of the largest gold producing countries in the African continent. The country had produced 79.6 tons of gold during the previous year. Gold accounts for nearly 25% of the country’s fiscal resources. Majority of gold from Mali is exported to countries such as South Africa, Switzerland and Australia.

The deal is a testimony of Russia’s deepening ties with Mali.

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