Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Mali 2017 gold output forecast to slip - mines ministry

Published 05/05/2017, 11:52 pm
Updated 06/05/2017, 12:00 am
© Reuters.  Mali 2017 gold output forecast to slip - mines ministry
RRS
-
AGG
-
HUMR
-

BAMAKO, May 5 (Reuters) - Industrial gold production in Mali could drop slightly this year as the West African country awaits production from new mines in 2018, the ministry of mines said on Friday.

Output from large-scale mines, including Anglo Gold Ashanti ANGJ.J and Randgold Resources RRS.L , in Africa's third-largest gold producer is expected to hit 45 tonnes in 2017, down from 46.9 tonnes last year, said National Director of Mines, Lelanta Hawa Ba.

He said the forecast was subject to revision upwards, however, depending on mines coming online. Last year Mali beat its production forecasts, and he said that could be possible this year too.

Canadian miner B2GOLD's Fekola mine is expected to produce about 10 tonnes per year and Hummingbird Resources' HUMR.L Yanfolila mine about 3 tonnes, according to the ministry. The mines are expected to start full production next year.

Artisinal output is set at 4 tonnes, making total official production of 49 tonnes in 2017. Artisinal production is much higher than 4 tonnes, ministry officials say, but there are no exact figures and the government prefers to cap it at 4 tonnes in official forecasts.

The gold industry contributes around a quarter of the government's revenues. (Reporting Tiemoko Diallo,; Writing by Edward McAllister; Editing by Susan Thomas)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.