SABC News - Mali gold reserves rise in 2011 alongside price:Sunday 1 January 2012

Mali gold reserves rise in 2011 alongside price

Sunday 1 January 2012 17:37


Mali gold reserves rise in 2011

Mali gold reserves rise in 2011 (SABC)

Mali's gold revenues surged by more than 20% in 2011 to 240 billion CFA francs ($475 million) tracking a rise in world prices, President Amadou Toumani Toure said today.

Africa's third biggest miner of the precious metal behind South Africa and Ghana produced about 43.5 tonnes of gold ore, versus just over 46 tonnes in 2010, he said over state television. "The outlook for 2012 is even better, with strong prices for gold, but mostly because of the startup of new mines," Toure said, without giving any forecasts.

The price of gold rose 10% in 2011, its 11th consecutive year of gains, as investors sought refuge from tumbling equities and bonds markets.  Toure has been in power in the West African state since 2002 and has said he does not plan to stand in elections set for later this year.

 He said the two mines that would begin production this year were Randgold's Gounkoto mine and Wassoul'Or's Kodieran mine, part owned by German-listed Pearl Gold. Anglogold and Resolute Mining also produce in Mali. ($1 = 505.3010 CFA francs)

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