Bamako, Mali — MININGREVIEW.COM — 10 June 2010 – Gold mining will contribute a record high of 166 billion CFA francs ((US$302 million) to Mali’s budget this year, up from 130 billion francs (US$240 million) in 2009.
Announcing this here, the West African country’s president Amadou Toumani Toure pointed out to reporters that various other projects for the exploitation of other commodities were in the pipeline as well.
Mali “’ the continent’s third biggest gold producer after South Africa and Ghana “’ is trying to develop its mining industry to take advantage of high metals prices on world markets. The country’s annual government income is estimated around US$1.5 billion (R11.25 billion). It is also due to become Africa’s newest iron ore producer this year, when India’s Sahara Mining starts output at the Tienfala project.
“There have been discoveries of iron ore whose exploitation will begin with a large Indian company,” said the president. He added that firms were working on oil projects, but could give no details of when production might begin.
Gold has overtaken cotton as Mali’s primary export earner.