Mali says gold mining revenues increased 14% in 2016

PUBLISHED: Wed, 22 Nov 2017 09:53:37 GMT

Gold mining revenues in Mali increased by 14 percent in 2016 to 280 billion CFA francs ($505 million), Mines Minister Tiemoko Sangare said on Tuesday, revising an earlier estimate.

Earnings in 2015 amounted to 245 billion CFA francs.

The West-African country is the third-biggest gold producer on the continent after South Africa and Ghana. Last year’s increase in Mali’s mining revenues coincided with an 8.5 percent rise in the price of gold in 2016.

Gold revenues included 190.4 billion CFA francs in export receipts and 61.6 billion CFA francs in taxes, and made up 6 percent of last year’s gross domestic product (GDP).

The mining revenue figure announced on Tuesday increases the estimate of 247.3 billion CFA francs which was announced earlier this year.

($1 = 555 CFA francs)

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