Canada's Robex signs new deal with Mali for Nampala gold mine
Canadian miner Robex has signed a new agreement with Mali to operate its Nampala mine, located about 300 km south of the capital Bamako, the West African country's government said.
The company has been operating the mine since 2017 but the new mining code of Africa's second biggest gold producer compels international companies to pay higher taxes and hand over bigger stakes in assets to the state.
In a sign of unease over the new legislation, Robex said in September it was looking to sell its Nampala mine but it had not received any reasonable offer.
A statement by Mali's Council of Ministers released late on Wednesday said the company was planning to produce 1.4 t/y of gold for a period of eight years.
"Geological research carried out by the company has identified a deposit with mineral reserves estimated at 17.35-million tons with a gold content of 0.70 g/t," it said.
The statement said the government and the company had signed a memorandum of understanding in September that allowed Mali to increase its shareholding in the project, entitling the State to priority dividends.
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