The Malian government has taken full control of the Yatela and Morila gold mines, marking a significant step in its efforts to reclaim national ownership of strategic mineral resources.
On June 27, 2025, authorities in Bamako signed decrees formalizing the complete transfer of shares from foreign-held entities to the state-owned Société de Recherche et d’Exploitation des Ressources Minérales du Mali (SOREM SA).
This move brings the Yatela SA and Morila SA mining companies fully under the control of SOREM SA, a public entity established in 2022 to oversee the state’s mineral exploration and exploitation.
The transfers come after extensive negotiations with international partners conducted over the past two years.
Located in the Kayes region, the Yatela mine was first operational in 2000 and ceased operations in 2016. Previously, 80% of the mine was owned by Sadiola Exploration Limited—a joint venture of AngloGold Ashanti and IAMGOLD—while the remaining 20% was held by the Malian state.
In October 2024, the government signed a deal acquiring the majority stake for an undisclosed sum, which included a $36 million provision for environmental rehabilitation and $4 million in unpaid taxes.
Morila, another major site also launched in 2000, was initially operated through a tripartite ownership involving the Malian government (20%), AngloGold Ashanti (40%), and Randgold Resources (40%).
Firefinch Limited, an Australian firm, acquired the mine in 2020 for $29.7 million and later identified over 2.4 million ounces of gold resources. However, operations were suspended in 2022, and Firefinch exited the venture by December 2023, citing financial constraints.
A memorandum signed in May 2024 allowed Mali to take over Morila SA for a symbolic one US dollar, while assuming debts of $102.7 million and $22.7 million owed to Firefinch and Morila Limited, respectively.
These figures were confirmed by Firefinch’s 2023 financial disclosures.
Both mines were either non-operational or running below capacity at the time of transfer, with critical obligations left unfulfilled. The latest decrees aim to reestablish legal continuity and restore operations under SOREM’s management.
Gold plays a pivotal role in Mali’s economy, representing nearly 70% of its exports. Annual production exceeds 70 tonnes, with Morila alone having produced up to 600,000 ounces at its peak.
While official production plans for the revived mines remain pending, the government views this strategic consolidation as essential to increasing revenues and reinforcing national sovereignty over natural resources.
The move also aligns with Mali’s broader vision for sector modernization, including the development of the Sénou gold refinery, launched earlier in June 2025, and part of SOREM SA’s downstream mandate.
About The Author
