Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Investing

Deadly Illegal Gold Mine Collapse in Mali Kills Dozens

by Invest Daily Pro
February 18, 2025
in Investing
0
Deadly Illegal Gold Mine Collapse in Mali Kills Dozens
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

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

ShareTweetPin

Related Posts

Thick zones of HM mineralisation observed across Douala HM Project
Investing

Thick zones of HM mineralisation observed across Douala HM Project

June 23, 2025
Canada Makes Tech Leadership Moves: Axl Launches, Carney Shares Priorities at G7 Summit
Investing

Canada Makes Tech Leadership Moves: Axl Launches, Carney Shares Priorities at G7 Summit

June 23, 2025
Tech 5: OpenAI/Microsoft Talks Get Tense, SoftBank Floats Arizona Robotics Hub
Investing

Tech 5: OpenAI/Microsoft Talks Get Tense, SoftBank Floats Arizona Robotics Hub

June 22, 2025
Editor’s Picks: Silver Price Hits 13 Year High, Gold Takes a Breather
Investing

Editor’s Picks: Silver Price Hits 13 Year High, Gold Takes a Breather

June 22, 2025
Crypto Market Recap: Bitcoin Price Stalls as Fed Holds Rates Steady, Circle Shares Jump
Investing

Crypto Market Recap: Bitcoin Price Stalls as Fed Holds Rates Steady, Circle Shares Jump

June 21, 2025
Top 5 Canadian Mining Stocks This Week: Royalties Inc. Jumps 183 Percent on Legal Win
Investing

Top 5 Canadian Mining Stocks This Week: Royalties Inc. Jumps 183 Percent on Legal Win

June 21, 2025
Next Post
AI Defines 18 New Gold Targets at Music Well

AI Defines 18 New Gold Targets at Music Well

Recommended

CCA Derry~Londonderry Reveals URGENCIES (2025) Artists

CCA Derry~Londonderry Reveals URGENCIES (2025) Artists

November 6, 2024
Private Christian Schools to sue government over VAT plans

Private Christian Schools to sue government over VAT plans

October 9, 2024
ZMG Ward Howell: 45 years as a champion of Filipino talent

ZMG Ward Howell: 45 years as a champion of Filipino talent

October 8, 2024
August dollar reserves rise to over 2-year high

August dollar reserves rise to over 2-year high

September 8, 2024
JFC’s Milksha to acquire 70% stake in Taiwan’s Moon Moon Food

JFC’s Milksha to acquire 70% stake in Taiwan’s Moon Moon Food

January 6, 2025
OMRON Healthcare Europe Names Karen Benegmos-Sanders as Managing Director from 1st December 2024

OMRON Healthcare Europe Names Karen Benegmos-Sanders as Managing Director from 1st December 2024

November 25, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) 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.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Thank you

    Copyright © 2025 investdailypro.com | All Rights Reserved