Post #492

Mali Doesn't Want to Share Gold With Burkina? 🌐On January 23, Mali detained five managers from the local operator of the Yanfolila gold mine (126km to the south from Bamako) over alleged violations of the country’s mining code. 🔸 The detained managers work for Société des Mines de Komana (SMK), a company owned by Burkinabé businessman Idrissa Nassa—a figure close to the government in Ouagadougou. Nassa’s West Africa-focused lender, Coris Bank International, acquired the Yanfolila mine from a UK-based company in 2025 through its subsidiary, Nioko Resources. 🔸 The employees were detained for allegedly failing to repatriate foreign currency from export revenues, a requirement under Mali’s mining code. 🔸 Nassa faces no friction with the government on his other projects: on January 28, Bamako approved an agreement to begin mining at a site operated by Australian company Toubani Resources, which had just days earlier secured an $80 million loan from Nassa. The arrests likely stem from transactions conducted by the managers under the mine’s previous British owners. This was made possible by Mali’s localization policy, which mandates that most personnel be local—which creates jobs but also prevents managers from fleeing when asset moves to new owners. ➡️ Stay informed - @devilsbelow