Malian Lawmakers Approve Code to Raise State’s Stake in Mining

Mali’s parliament adopted a new mining code that will increase the government’s stake and local shareholding in the extractive industry to about a third.

Mining companies will be required to cede 10% in their projects to the state, which has the option to acquire a further 20% within the first two years of commercial production, according to the new law. Local investors will also have the right to buy as much as 5% of operations held by foreign companies. The legislation will require presidential assent.