Company News

Mali parliament approves new mining code

BAMAKO, April 28 (Reuters) - Mali’s parliament on Tuesday approved a new code that eliminates mining companies’ value added tax exemptions during production and shortens the period during which they are protected from fiscal changes to 20 years, a lawmaker told Reuters.

The new code, which shortens the so-called “stability period” from 30 years under the current code, now heads to President Ibrahim Boubacar Keita for his signature, said national lawmaker Boubacar Sissoko.

Keita’s government formally proposed the new code last August, but it had languished in parliament over a technical dispute between the government and legislators.

Mali is one of Africa’s largest gold producers. Companies operating in the country include Barrick Gold Corp and AngloGold Ashanti. (Reporting by Tiemoko Diallo; Writing by Aaron Ross; Editing by Sam Holmes)