Mali will create a state-owned company to manage holdings ‍in mining ‍companies, according to a statement released by ​the council of ministers.

Other resource-producing countries in West ⁠Africa such as Niger and Guinea have been managing ⁠their assets through ‌similar state-owned mechanisms.

The company Sopamim, whose capital is fully owned by the state, will ⁠acquire and manage Mali's holdings, according to the statement released late on Friday.

The West African country is one of Africa's largest gold producers, ⁠with mining companies ​including Barrick Gold , B2GOLD, Resolute Mining, Endeavour Mining and Hummingbird Resources ‍active in the gold-rich western and southern regions.

In 2022, Mali ​created another state-owned company called Sorem with the aim to explore and develop mineral resources.

Mali's military rulers introduced a new mining code in 2023, expanding state and local ownership of mines to at least 35% from 20%.

The new code also increased tax collection, helping to push up state revenues from ⁠gold mining companies by 52.5% ‌in 2024.

Last month, Mali named a former Barrick executive as special adviser to the presidency ‌who will ⁠oversee the mining sector.

(Reporting by Tiemoko Diallo; Writing ⁠by Anait Miridzhanian; Editing by Ros Russell)