Keypoints:
- First-half output reaches 23.5 tonnes
- Production beats 21.2-tonne forecast
- Fekola leads as Loulo rebounds
THE rebound in Mali’s gold industry gathered pace in the first half of 2026, with industrial production rising about 30 percent to 23.5 tonnes and beating the government’s forecast, according to Reuters, citing data from the mines ministry.
The stronger-than-expected performance offers an early sign that one of Africa’s leading gold producers is recovering from a difficult 2025, when disputes between the state and major miners disrupted operations and drove industrial output sharply lower.
Output beats official forecast
Mali had expected industrial mines to produce 21.2 tonnes between January and June. Actual output came in 2.3 tonnes higher, up from about 18 tonnes in the same period of 2025.
The result puts the country on course to meet or potentially exceed its full-year industrial production forecast of 43.2 tonnes, although the mines ministry did not explain what drove the stronger first-half performance.
The improvement follows a steep contraction. Industrial production fell to 42.2 tonnes in 2025 from a record 66.5 tonnes in 2023 as regulatory disputes and operational disruptions weighed on the sector.
Fekola leads recovery
B2Gold’s Fekola operation remained Mali’s largest producer during the first six months, delivering 8.85 tonnes, according to the ministry figures reported by Reuters.
Barrick’s Loulo operation produced 6.9 tonnes in the first half, already above the 5.5 tonnes it produced during all of 2025. Resolute accounted for 3.0 tonnes, while Allied contributed 3.5 tonnes.
The rebound at Loulo is particularly significant. Barrick regained control of the Loulo-Gounkoto complex in December 2025 after a prolonged confrontation with Mali’s authorities that severely disrupted production during the year.
New code reshapes sector
Mali has tightened state control over mining since introducing a new code in 2023, raising government participation in projects and increasing fiscal obligations on operators.
Africa Briefing has previously reported on how major gold miners adjusted to Mali’s new mining code and Bamako’s efforts to extract greater value from the sector. The government says a mining-sector audit helped recover CFA761bn ($1.2bn) in arrears from mining companies.
The stronger output comes despite the sector’s shift towards greater state participation, although the ministry has not identified what drove the first-half rebound.
Menankoto adds future supply
The outlook received another boost this month when Mali granted B2Gold the Menankoto exploitation permit, clearing a long-delayed expansion linked to the Fekola Regional project.
Under the arrangement, B2Gold will hold 65 percent of Fekola Regional while the Malian state will hold 35 percent. The company says the project is expected to ramp up through the end of 2027 and produce more than 150,000 ounces of gold annually from 2028 into the mid-2030s.
Africa Briefing reported that Mali secured a 35 percent stake as B2Gold expanded Fekola, a deal that reinforced Bamako’s strategy of increasing state participation in mining projects.
The permit also removes a bottleneck that B2Gold said had contributed to the revision of its 2026 production guidance.
Recovery still needs proving
Mali’s first-half figures strengthen the case for a production recovery, but the sector remains in transition. The mines ministry has forecast industrial output below 60 tonnes annually through 2029, while the country continues to balance higher state revenues against the need to retain investment and develop new mines.
For now, the 23.5-tonne first-half result gives Bamako breathing room. Maintaining that momentum through the second half would move Mali closer to reversing the production losses that followed the upheaval of the past two years.
Related stories
