Mali's military leadership has launched the construction of a major gold refinery in partnership with Russia’s Yadran Group, in a move it says will reclaim control over the country’s mineral wealth and strengthen its economic independence.

The refinery, with a planned capacity of 200 tonnes, is being built in Senou near the capital Bamako and is the latest sign of the junta’s deepening ties with Moscow.

Speaking at the launch ceremony on Monday, military ruler Gen Assimi Goïta said the project marked a turning point for the West African nation. “It’s a long-awaited dream of the Malian people, and today it's becoming a reality,” he said. He added that the plant would allow Mali to “refine all the gold mined on its soil, ending decades of crude export to foreign refineries.”

Mali is Africa’s second-largest gold producer, yet a large section of its population continues to live in poverty more than six decades after independence. Gen Goïta said the refinery would serve as a symbol of “economic sovereignty” and ensure Malians benefit directly from their country’s natural resources.

Under the agreement, Mali will hold the majority stake in the project, while Yadran Group will take a minority share. The Russian conglomerate’s head, Irek Salikhov, described the initiative as a “win-win” for both countries. “Our goal is to transform the refinery into a regional centre for processing gold extracted not only in Mali, but also in neighbouring countries like Burkina Faso,” he said.

The construction comes amid a wider shift in Mali’s foreign alliances since Gen Goïta took power in a 2021 coup. His government has cut back relations with France and other Western nations while pursuing stronger military and economic partnerships with Russia.

This pivot has made it increasingly difficult for Western firms to operate in the country. One of the most notable examples was Mali's decision to place a major gold mine operated by Canadian company Barrick under administration, effectively taking state control.

Although no timeline has been given for the completion of the refinery, authorities say the project reflects a broader effort to reduce dependency on foreign actors and take charge of the country’s strategic industries