Mali has accused Société des Mines de Kofi (MIKO-SA), a subsidiary of Nguvu Mining Group, of failing to pay taxes and violating mining regulations. The Malian government officially issued a notice on April 24, 2026, threatening to withdraw MIKO-SA’s exploitation permit if the company does not rectify these issues within 90 days. The alleged violations include suspending mining operations without approval and failing to repatriate foreign exchange earnings.
This action by Malian authorities follows the recent revocation of the mining license for Adamus Resources, a Ghanaian subsidiary of Nguvu Mining Group. Ghana’s Ministry of Lands and Natural Resources withdrew Adamus Mines' license due to alleged regulatory and operational breaches. Both incidents highlight increasing scrutiny of Nguvu Mining Group's compliance with local laws across its West African operations.
These developments unfold within a broader context of West African nations seeking to tighten control over their natural resources and ensure companies contribute appropriately to national revenues. Governments are increasingly asserting their sovereign rights over mining sectors, demanding greater transparency and adherence to environmental and financial regulations. This trend aims to maximize economic benefits from mining activities and prevent capital flight, which has historically plagued resource-rich countries. The Malian government’s stern approach reflects a growing regional commitment to enforce mining codes and foreign exchange controls.
Mali's Minister of Mines, Amadou Keïta, signed the notice to MIKO-SA. Minister Keïta warned that the State reserves the right to proceed with the outright withdrawal of the company's permit if it fails to regularise its situation. The notice was addressed to the Chief Executive Officer of MIKO-SA in Bamako. A copy was sent to Mali's Minister of Economy and Finance, indicating a coordinated government effort. Authorities stated that investigations uncovered multiple violations, including the suspension of mining operations for over two years without proper authorisation from the mining administration. MIKO-SA also allegedly opened unauthorised offshore accounts. It failed to transfer foreign currency proceeds back into Mali, violating Uniform Law No. 2016-007 on exchange control regulations.
The potential withdrawal of MIKO-SA’s mining license could signal a stronger stance from African governments towards adherence to mining laws. This action could result in significant financial losses for Nguvu Mining Group. It could also impact investor confidence in the region’s mining sector if not handled transparently. Other mining companies operating in Mali and neighbouring countries will closely observe this situation. They will assess the Malian government's willingness to enforce its mining code rigorously. The outcome will influence future investment decisions and regulatory compliance efforts in the West African mining industry.
For Ghana, the parallels between Adamus Resources' license revocation and MIKO-SA’s situation underscore the importance of strict regulatory oversight. Ghana's mining sector, a significant contributor to its GDP, relies on robust enforcement to ensure fair revenue collection and sustainable practices. The Nguvu Mining Group's ongoing challenges in multiple jurisdictions will prompt discussions on the consistency of compliance standards for multinational corporations operating across West Africa.