Mali’s industrial gold production fell 23% to 51 tonnes in 2024, marking a sharp decline from 66.5 tonnes in 2023, the country’s Mines Ministry said, as tensions between the government and foreign miners escalated.

Meanwhile, neighbouring Côte d’Ivoire expects a record gold output of 62 tonnes in 2025, bolstered by new investments, industry officials said, positioning the country as a growing competitor in West Africa, where Ghana is the top gold producer.

Mali’s crisis: Disputes and declining output

Mali, one of the continent’s top gold producers, is home to mines operated by international firms including Barrick Gold, B2Gold Corp, Resolute Mining, and Hummingbird Resources. A ministry document released on March 14 showed that the production figures exclude Barrick Gold’s December output, following the company’s dispute with Mali’s military-led government over a mining law introduced in 2023.

Barrick halted operations at its Loulo-Gounkoto mine in February after authorities seized its gold reserves by helicopter. Four of its employees have been detained since November on charges including money laundering and financing of terrorism, allegations the company denies.

Mali’s new mining code increases taxes and requires larger state ownership in mining projects, which industry executives say makes investment unviable. “It is uneconomic to invest in new mines or buy operations in the country,” a mining CEO told Reuters this week. 

The ministry did not explain the production drop, but an official told the news agency that conflicts between the government and mining firms were likely to blame. “The sector faces a crisis of confidence after authorities demanded foreign companies migrate to the new mining code and arrested employees and executives,” the official added.

Despite the turmoil, Barrick Gold remains Mali’s largest producer, with an output of 19.4 tons in 2024, excluding December production, followed by B2Gold at 13.7 tons and Resolute Mining at 7.2 tons. Mali’s total gold production, including artisanal mining, is estimated at 58.7 tons for the year, the ministry said.

Côte d’Ivoire’s gold boom

In contrast, Côte d’Ivoire’s gold production is on the rise, driven by the newly inaugurated Lafigue mine, operated by London-listed Endeavour Mining. Located 500 km north of Abidjan, the mine is expected to produce between 180,000 and 210,000 ounces of gold in 2025.

Jean-Claude Diplo, the outgoing head of Côte d’Ivoire’s mining association GPMCI, said gold output would climb to 62 metric tons this year, up from 58 tons in 2024. “Growth will come from the Lafigue gold mine, which is about to go into full production,” Diplo told AFP in Abidjan, adding that heavy investment in another major mine would further boost production.

Gold output in Côte d’Ivoire has been steadily rising, and Diplo believes the country will soon surpass regional rivals Mali and Burkina Faso. “We have the potential to go very fast… If we are disciplined, as we are today, we will be on a par with Ghana in 2030, according to our projections,” he said.

Mining giants Barrick Gold, Perseus Mining, and Roxgold are also expanding operations in Côte d’Ivoire, helping drive the sector’s rapid growth.

Regional outlook: Ghana remains top producer

Despite Côte d’Ivoire’s ambitions, Ghana remains West Africa’s top gold producer. The country’s well-established regulatory framework, infrastructure, and steady production levels keep it ahead of its neighbours, according to Mining.com.

While Mali grapples with a government-industry standoff and declining output, Côte d’Ivoire’s stability and investment-friendly policies are attracting foreign capital, positioning it as a rising force in Africa’s gold market.