Mali Cracks Down on Gold Smuggling
Mali has established the Malian Office of Precious Substances to regulate its artisanal gold sector after detecting discrepancies between official exports and imports.
The move aims to curb smuggling, improve oversight, and maximize revenue from the nation’s most valuable export.
Gold Rush, Unofficial Exports
Artisanal mining is a crucial pillar of Mali’s economy, engaging nearly two million people at an estimated 350-400 sites. However, authorities suspect a significant portion of production is bypassing official channels.
According to a 2024 report by SWISSAID, between 30 and 57 metric tonnes of Malian gold worth $1.98-$3.77 billion remain undocumented annually.
Formalization Push
Mali’s action aligns with a global movement to formalize artisanal mining, which contributes over 20% of global gold production and sustains over 10 million livelihoods.
By strengthening regulation, authorities hope to reduce smuggling, increase transparency, and capture a greater share of the country’s gold wealth.
