Toubani Resources Ltd (ASX:TRE) has lauded the adoption of the 2023 Mining Code Implementation Decree by the Mali Council of Ministers this month, which will provide a framework for mining investment and represents a step toward regulatory stability for the industry.
The company says it is confident that the State of Mali will soon resume the issuance of new licences, permits and approvals for the mining sector now that the mining code has been adopted.
Reaffirms commitment to mining
"We are encouraged by the adoption of the Implementation Decree of the 2023 Mining Code, which is the last step to the finalisation of the new mining legislation and provides a basis for a return to regulatory stability in the country's mining sector,” Toubani Resources CEO Phil Russo said.
“This development not only reaffirms Mali's commitment to its mining sector but underpins, in our view, a desire to restore confidence among investors and stakeholders.
“With anticipated resumption in the administration of the mining sector as well as recent resolution of other, company-specific issues, we are optimistic about Mali's return to prominence as one of West Africa's top gold producers.
“Toubani looks forward to engaging with the State of Mali to advance Kobada, leveraging our strong relationships in country, including with our local communities as well as with the various government authorities, and will do our part to contribute to the economic growth and sustainable development of Mali’s mining industry.”
Advancing Kobada
The company believes the adoption of the new mining code will signal a return to normal administration in the Mali mining industry – Toubani will now begin discussions with the government as it advances its Kobada Gold Project toward an investment decision in 2025.
Kobada holds a 2.2-million-ounce gold resource estimate, with 90% in the higher-confidence indicated resource category and 92% of mineralisation sitting within 200 metres of surface.