Robex secures Mali’s approval for Nampala mine deal
Canada’s Robex (TSX-V: RBX) has become the latest mining company to finalize a new agreement with Mali, securing continued operations at its Nampala gold mine.
The deal incorporates an agreement with the Malian military government in September that increases the state’s stake in the mine to 20% in compliance with new mining code adopted in 2023. The company and the junta also settled all tax and customs claims before 2024 and granted the state priority dividends.
Mali, Africa’s second-largest gold producer, has introduced sweeping reforms to its mining sector in recent years, adopting a tougher stance on foreign investors. In 2023, the government enacted a new mining code requiring international companies to pay higher taxes and cede larger stakes in their assets to the state.
Robex has operated the Nampala mine, located about 300 km (186 miles) south of the capital Bamako, since 2017. Growing uncertainty over the regulatory changes prompted the Montreal-based junior miner to announce in August it would sell the mine.
A statement from Mali’s Council of Ministers released late on Wednesday, said Robex was planning to produce 1.4 tonnes of gold per year for a period of eight years.
“Geological research carried out by the company has identified a deposit with mineral reserves estimated at 17,351,000 tonnes with a gold content of 0.70 grams per tonne,” it said.
Despite efforts to offload the asset, Robex noted that due to “the geopolitical context for investments in Mali and the market for potential buyers,” it had not received any reasonable offers.
The company remains committed to shift its focus to neighbouring Guinea, where it is developing the Kiniero project and expects to pour first gold in the fourth quarter of this year.
Mali’s ruling junta has aggressively enforced the new regulations, straining relations with major mining companies, including Barrick Gold, Resolute Mining and B2Gold.
Barrick CEO Mark Bristow said Wednesday the company will consider care and maintenance for its Loulo-Gounkoto mine in a month if talks collapse. They’ve been going on since September.