Mali to boost gold output to 100t in next 5 years

Africa's third largest gold producer Mali plans to double it's gold output in the next five years, reports Reuters.

Last year, the country produced about 50 tonnes of gold and this year it plans to hit 57 tonnes, the Malian mines minster said in London Thursday.

The minister also said the plan is to support smaller miners to expand production to 100 tonnes in the next 5 years.

Additionally, there would be loans from private banks in the Middle East to junior mining companies in

During the next five years, Mali expects more than a dozen new mining operations to move into production. The minister cited South African miner Gold Fields (NYSE: GFI) as one of the companies that will do so. Randgold and AngloGold Ashanti are also players within the country.

Mali also expects to diversify its mining sector by encouraging investment in iron ore, bauxite, and aluminium.

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