December 22, 2009 / 6:27 AM / in 9 years

Mali to raise gold production 52.4 tonnes in 2010

Gold bars are displayed at a South African refinery in a file photo. REUTERS/Siphiwe Sibeko

BAMAKO (Reuters) - Mali will produce 52.4 tonnes of gold in 2010, earning Africa’s third biggest gold miner 130 billion CFA francs during the year, a senior mines ministry official said.

The projected output for 2010 is a slight increase on the 49.5 tonnes Mali will have produced by the end of 2009, according to Waly Diawara, deputy head of the mines and geology department in Mali’s minstry of mines.

Gold currently accounts for around 15 percent of gross domestic product and about 70 percent of exports in the largely desert West African nation.

Mali’s revenues from gold, which was trading in New York at $1,105-1,121 per ounce on Monday, down from record highs above $1,225 an ounce earlier this month, only broke through the 100 billion CFA per year mark in 2008.

Mali has joined the Extractative Industries Transparency Initiative (EITI) as part of efforts to improve accountability in its mining sector.

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