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Mali produces 50 T of gold in 2015, expects more in 2016

Published 2016-01-01, 10:27 a/m
© Reuters. Mali produces 50 T of gold in 2015, expects more in 2016
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BAMAKO, Jan 1 (Reuters) - Mali produced 50 tonnes of gold in
2015 to consolidate its position as Africa's third-largest
producer and expects to increase output this year, President
Ibrahim Boubacar Keita said in a New Year's speech.
Production is due to start at the Kofi Nord facility run by
Canada's Endeavour Mining EDV.TO , part of its Tabakoto mine
west of the capital Bamako in southwestern Mali.
Kofi Nord will produce an average of around 1.8 tonnes per
year, Keita said.
The Fekola mine owned by B2Gold BTO.TO , which has reserves
of 3.15 million ounces, will also begin production this year, he
said.
"Despite the timid pick-up of the global economy, Mali has
this year (2015) produced 50 tonnes of gold of which 46 tonnes
are industrial production and four tonnes are artisanal," Keita
said.
The West African nation's gold production could rise to
around 60 tonnes a year by the end of 2017, the mining minister
said in November. Production was 49.865 tonnes in 2014. The
sector contributes around a quarter of the government's revenue.

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