(Bloomberg) — The Malian government’s overhaul of its extraction industry risks deterring companies from investing in the nation that’s home to the world’s second-largest gold mine, according to Anglo American Plc Chief Executive Officer Duncan Wanblad.
Mali’s military rulers have demanded a greater share of income from the nation’s gold and other resources since seizing power four years ago. The junta has adopted a new mining code and ordered companies to pay millions of dollars in back taxes and dividends, after a state audit revealed a shortfall of as much as 600 billion CFA francs ($950 million) in government revenue.
The developments in Mali are “of grave concern to any prospective mining investor,” Wanblad said in a presentation at the Mining Indaba conference in Cape Town on Monday. African governments, like those elsewhere in the world “need to provide fiscal and regulatory stability,” he said.
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