Allied Gold gets Mali’s go-ahead for new project near Sadiola
me-metals: Mali signed an agreement with Canada’s Allied Gold Corp for a 35% stake in a new mine in connection to its Sadiola project.
According to me-metals cited from mining.com, Known as Korali-Sud, the new project will be managed under Mali’s new mining code, Mines Minister Amadou Keita told public broadcaster ORTM.
Mali will benefit from dividends through “the application of all the texts in force, in particular the 2023 code,” said Finance Minister Alousseni Sanou.
The move comes as Mali’s seeking more revenue from its mineral resources through a new mining code. The new code, which grants the government and private actors up to a 35% stake in mining operations, has lead to disputes between some miners and the ruling junta.
Expected revenue from the Allied deal is about 120 billion CFA franc ($188 million) annually, according to Sanou. The project’s resources are estimated to 200,000 ounces.
Allied has also started work on the second phase of Sadiola after Mali’s government in October renewed its operating license for a period of 10 years.
Development of the second phase is estimated at $500 million, according to Allied Gold Mali’s vice president, Ilias Keita.
source: mining.com
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