Toubani Resources Welcomes Adoption Of New Mining Code In Mali

Toubani Resources Ltd (ASX:TRE) has welcomed the adoption of the Implementation Decree of Mali’s 2023 Mining Code.

The Implementation Decree sets the framework for mining investment in the country.

Importantly, it is a welcome step towards a return to regulatory stability for the industry.

Following the adoption, Toubani is confident that the State of Mali will resume the issuance of new licences, permits and approvals for the mining sector.

Return to regulatory stability

Toubani Chief Executive Officer Phil Russo said: “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.

 “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.”

Resource upgrade

Last week, Toubani revealed an upgraded resource for the Kobada Gold Project, following a successful resource definition drilling campaign.

The upgraded resource of 78 million tonnes at 0.88g/t for 2.2 million ounces (Moz) of gold contains a shallow, free dig oxide indicated resource of 1.4Moz.

With a DFS update due in September, Kobada is on track to become the next open-pit gold development asset of significance in West Africa.

 

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