DOUALA, Cameroon 

Malian authorities announced the signing of an agreement with Russia to build a gold refinery in the national capital of Bamako.

The two countries have signed several agreements and continue bilateral relations, including the construction of a 200-ton annual gold refinery, the largest in West Africa.

The memorandum is valid for an unspecified four years, according to information reported late Tuesday by Minister of Economy and Finance, Alousseni Sanou, who was interviewed by national television station ORTM.

The project should make it possible "not only to control all gold production, but also to correctly apply all taxes and duties," he said.

Mali, one of Africa's largest gold producers, produced 72.2 tonnes (79.6 tons) of gold in 2022, representing 66.2 tonnes of industrial production and an increase of 8.4%, according to the Malian statistical agency.

Gold accounts for around one-quarter of Mali's fiscal resources, making it one of the leading gold-producing countries on the continent. Most of Mali's gold is exported to South Africa, followed by Switzerland and Australia.

Relations between Mali and Russia have strengthened in recent years, notably following a coup on May 24, 2021, and the withdrawal of French forces from Operation Barkhane in 2022.