Mali has established the Malian Office of Precious Substances, a state agency tasked with regulating and centralising the country’s artisanal gold trade. The move comes after authorities identified significant gaps between officially declared exports and the quantities recorded by importing countries.
Artisanal mining is a major pillar of Mali’s economy, employing nearly two million people across an estimated 350 to 400 mining sites. However, the government says a large share of production continues to leave the country through informal channels.
According to a 2024 report by SWISSAID, between 30 and 57 metric tonnes of Malian gold worth between $1.98 billion and $3.77 billion are exported without being officially declared each year.
Gold is Mali’s leading export, with industrial mines producing and exporting around 60 tonnes annually.
The new agency is expected to strengthen oversight of gold flows and reduce smuggling, which costs billions of dollars annually.
