Mali strengthens control over gold
Mali's transitional parliament approved a law creating the Malian Office of Precious Substances, a new state agency that will regulate and secure the sale of gold and other precious minerals.
The reform targets the gap between official output and gold that leaves the country through informal channels. Experts estimate Mali's undeclared gold exports at 30 to 57 tons a year, worth as much as $3.77 billion.
Gold is Mali's main source of state revenue. Industrial output is estimated at about 60 tons a year, while artisanal mining supports nearly 2 million people across 350 to 400 sites. Gold accounts for about 25% of public revenue and nearly 75% of national exports.
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