Mali has suspended artisanal gold mining permits for foreign firms due to fatal accidents at sites. The government seeks to reinforce control and citizen safety by nationalizing mining equipment, amid tensions with companies over a new mining code. Gold exports comprise over 80% of Mali’s economy, supporting over 2 million individuals through artisanal mining.

Mali has temporarily suspended licenses for foreign companies engaged in artisanal gold mining, following a series of fatal accidents at mining sites. This decision reflects the government’s initiative to enhance state oversight and safeguard its citizens by requisitioning and nationalizing mining equipment. The suspension is also a response to rising tensions between mining companies and military authorities concerning adherence to a newly issued mining code.

As one of Africa’s leading gold producers, Mali’s economy is heavily dependent on gold exports, which account for more than 80% of the nation’s total export revenue. Artisanal gold mining plays a crucial role in the country’s economy as it generates approximately 30 tons of gold each year, providing livelihoods for over 2 million people. The government’s latest move underscores its commitment to balancing economic activity with regulatory compliance and safety.

In conclusion, Mali’s suspension of artisanal gold mining permits for foreign companies is a significant step aimed at enhancing government control and ensuring citizen safety following tragic accidents. This action highlights the complex relationship between economic growth and regulatory measures in the mining sector, vital for a nation whose economy largely hinges on gold extraction.

Original Source: www.voiceofalexandria.com