Post #7

👑 The Return of Mansa Moussa? On September 10, Hilaire Diarra, an executive at the Barrick mining company, was appointed special adviser to the President of Mali. For those to whom these words mean nothing, Barrick is the company with which Bamako has been challenging the major Loulo-Gounkoto gold deposit in the west of Mali for 3 years. In 2024, it delivered 578k ounces of gold, or 1/10 of Barrick's production and 1/3 of Malian gold production. The confrontation concerns a surcharge of about 300 billion CFA francs (≈ $ 512 million) given the record gold prices — since 2019, they have increased by an incredible 277% (according to LBMA). It allows mining companies to earn excessive profits. Mali and other gold exporting countries have in turn begun to revise the taxation of gold in times of sharp price increases. The recent development is clear: Bamako is looking to attract former company managers to feel confident if Barrick leaves the country. Devils Below