The Great Assets
  • Business
  • World News
  • Politics
  • Investing
  • Business
  • World News
  • Politics
  • Investing

The Great Assets

Investing

Deadly Illegal Gold Mine Collapse in Mali Kills Dozens

by admin February 18, 2025
February 18, 2025
Deadly Illegal Gold Mine Collapse in Mali Kills Dozens

A deadly mine collapse in Western Mali’s Kayes region has left at least 40 people dead.

The BBC reported that the accident occurred on Saturday (February 15) near the towns of Kéniéba and Dabia, areas known for their rich gold deposits, but also notorious for informal, unregulated mining.

This disaster marks the second fatal mining accident in the country in just three weeks.

The victims were reportedly scavenging in open-pit mines left by industrial miners when the ground caved in. These informal miners, driven by economic hardship, often seek remnants of gold in unstable abandoned mine shafts.

Rescue teams have retrieved many of the bodies, though reports from local authorities continued to vary as of the time of this writing on Monday (February 17), with some sources reporting as many as 48 deaths.

The tragic incident comes as Mali struggles to manage its mining industry and regulate informal operations.

Despite being one of Africa’s largest gold producers, the country is facing significant safety challenges due to inadequate oversight and unsafe mining practices — the result of poverty in local communities. Just weeks ago, at least 10 people were killed in a separate mining disaster when a tunnel flooded in the central region of Mali.

At the same time, the country’s formal mining industry is grappling with changing government regulations.

Mali’s military-led government is currently in a dispute with Barrick Gold (TSX:ABX,NYSE:GOLD), one of the country’s largest foreign investors. In January, Barrick’s Loulo-Gounkoto mine was placed under a temporary suspension after the Malian government blocked gold shipments and seized 3 metric tons of gold worth approximately US$245 million.

The Malian government is seeking to increase its share of revenue from foreign mining operations, a stance that has drawn criticism from companies like Barrick and has led to tensions between the Canadian firm and the government.

Barrick has stated that it will resume operations at Loulo-Gounkoto once the shipment ban is lifted, but the political environment in Mali continues to create uncertainty for foreign investors.

Barrick’s CEO, Mark Bristow, has been outspoken about how the dispute is affecting the company’s operations, noting that Barrick has paid substantial taxes to the government in recent years, including US$460 million in 2024 alone.

The collapse in Kayes, which occurred at an abandoned site once operated by a Chinese company, also brings attention to the role of foreign investors in Mali’s mining sector.

China has been a major player in developing Mali’s resources, particularly gold, and companies from the country have faced criticism for their environmental practices and labor conditions.

While Chinese investments have improved infrastructure, including roads and transportation, concerns over environmental impact and the level of oversight remain.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Amazon ‘anti-union propaganda,’ employee surveillance loom over labor vote at North Carolina warehouse
next post
Cobalt Reserves: Top 3 Countries

Related Posts

Syntheia Provides Telemarketer Services for Political Campaign in...

April 12, 2025

Opawica Explorations Intersects a 60 Meter Mineralized Zone...

April 18, 2025

Cizzle Brands Corporation Schedules Second Fiscal Quarter 2025...

March 14, 2025

Clinical trial data shows RAD 101 detects Brain...

February 10, 2025

Tariff Shock: Trillions Wiped Out as Trade War...

April 8, 2025

Stunalara Acceptances Reach 73.5%

March 20, 2025

Global Uranium and Forum Energy Metals Announce the...

March 21, 2025

PDAC Urges Long-term METC Extension Ahead of 2025...

April 3, 2025

Top 9 Manganese-producing Countries

March 19, 2025

Presentation to Food and Ingredients China 2025 Conference

March 19, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Editors’ Picks

    • 1

      Top 11 Countries by Rare Earth Metal Production

      February 27, 2025
    • 2

      Capital One outage drags into Friday afternoon, leaving some customers without deposit access

      January 23, 2025
    • 3

      Altech Batteries LtdCERENERGY Accredited Highest Possible Green Rating

      January 24, 2025
    • 4

      Bank of America CEO says financial industry will jump into crypto payments if regulators allow it

      January 23, 2025
    • 5

      Altech – CERENERGY Accredited Highest Possible Green Rating

      January 24, 2025
    • 6

      Netflix shares soar as company reports surging revenue, tops 300 million subscribers

      January 23, 2025
    • 7

      Strategic Alliance with Macmahon to Accelerate Redevelopment of Nifty

      January 23, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: thegreatassets.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 thegreatassets.com | All Rights Reserved