Mali creates state body to regulate artisanal gold trade

Mali has established a new state entity to regulate its burgeoning artisanal gold trade ​after identifying large discrepancies between officially declared exports ‌and volumes reported by importing countries, the government said.

The Malian Office of Precious Substances will oversee and centralise gold trade ​flows, the council of ministers said in a ​statement on Wednesday.

Artisanal mining in Mali, one of ⁠Africa's largest gold producers, employs nearly 2 million people across ​350-400 sites but much of the sector’s output is ​smuggled, the government said.

A 2024 SWISSAID report estimated undeclared Malian gold exports at 30 to 57 metric tons a year, worth $1.98 billion ​to $3.77 billion. The country produced about 300 tons ​of undeclared gold worth $13.5 billion between 2012 and 2022, it said.

Gold ‌is ⁠Mali's most important export, with industrial mines producing and exporting about 60 tons annually.

Globally, gold producers are increasingly moving to formalise artisanal mining, which accounts for more than 20% ​of global ​output and employs ⁠over 10 million people.

Mali's gold exports rose to 2.75 trillion CFA francs ($4.81 billion) ​in 2025 from 1.61 trillion CFA francs a ​year ⁠earlier, according to national statistics institute Instat.

South Africa accounted for 60.4% of Mali's official gold exports, followed by the ⁠United ​Arab Emirates and Australia with ​12.2% and 12.1% respectively.

-Reuters