MALI — Robex Resources Inc. (TSXV: RBX) has announced the execution of a comprehensive agreement with the Government of Mali, resolving all outstanding tax and customs claims for its Nampala Gold Mine operations prior to December 31, 2023.
This agreement marks a significant milestone for the company as it seeks to divest its Malian assets and focus on developing the Kiniero Gold Project in Guinea.
The Nampala Gold Mine, located in southern Mali, has been a productive asset for Robex, yielding 230,000 ounces of gold since its inception in January 2017.
Under the new agreement, Robex will work closely with the Malian government to implement several key changes within a 90-day timeframe.
A central aspect of the agreement involves the government increasing its stake in Nampala SA from 10 per cent to 20 per cent through preferred shares, aligning with other mining operations in the country.
Robex will also facilitate the appointment of at least two government representatives to Nampala SA’s Board of Directors.
The financial terms of the agreement require Nampala SA to pay 10 billion CFA francs (approximately $22.3 million) from its operational cash flow and forgo VAT credit refunds worth 5 billion CFA francs (about $11.2 million).
This settlement addresses all outstanding income tax assessments and customs disputes for periods prior to December 31, 2023.
Matthew Wilcox, Robex’s Chief Executive Officer, expressed satisfaction with the agreement, stating: “The agreement settles any and all existing tax assessments, customs disputes, and other assessments currently outstanding for Nampala SA while building a solid partnership with the Government. Nampala is effectively starting from a clean slate which gives the company greater certainty and stability in Mali.”
As part of the agreement, Robex will present an operational plan for the Nampala mine to the Malian government, focusing on job preservation, essential investments for extending the mine’s lifespan, and adherence to the Local Content Act.
While Robex continues to engage with potential buyers for its Malian assets, including the Nampala mine, the company notes that the geopolitical context has limited the pool of potential acquirers.
As such, Robex cannot guarantee a definitive sale agreement or the timeline for such a transaction.
This agreement comes amidst Mali’s broader reform of its mining sector, which culminated in the approval of the “2023 Mining Code” in July 2024.
The new agreement aligns Nampala SA’s operations with this updated regulatory framework, potentially setting a precedent for other mining operations in the country.