The Malian government has taken a significant step towards maximizing revenue from its rich mineral resources with the establishment of the Office des Substances Précieuses (OMASP). The new office, whose first President Director General, Soumaïla Siby, and administrators were officially inaugurated on Wednesday, aims to better organize the value chain of precious substances, ensuring the state captures a larger share of the wealth generated. The ceremony was co-chaired by Minister of Industry and Commerce, Moussa Alassane Diallo, and Minister of State for Economy and Finance, Alousséni Sanou.
Minister Diallo emphasized that the creation of OMASP is part of broader reforms to strengthen the mobilization of national resources, enabling Mali to finance its major projects through domestic means. He highlighted the importance of the mining sector, particularly artisanal gold mining and small-scale mines, which can significantly contribute to the country's revenue. However, Diallo noted that several obstacles, including informal circuits and inadequate traceability, need to be addressed to achieve this goal.
The Minister of State for Economy and Finance, Alousséni Sanou, congratulated the new officials and stressed the importance of delivering results. He expressed confidence that OMASP can make a substantial impact, citing the example of a potential 4,000 billion Fcfa in revenue. Sanou assured the OMASP team of the government's support in accomplishing their mission.
The establishment of OMASP is part of a larger effort to restructure the mining sector, which includes the creation of the Société du Patrimoine Minier du Mali (SOPAMIM). This restructuring aims to enable the state to better control revenue generated from mineral exploitation. The government believes that by organizing the sector and improving traceability, it can increase revenue and finance development projects.
Soumaïla Siby, the new President Director General of OMASP, brings experience and knowledge of the mining sector to the role. Minister Diallo expressed confidence in Siby's ability to lead the office to success, citing his background as an asset. Siby and his team are expected to take on the challenge of organizing the sector and increasing revenue.
The artisanal gold mining and small-scale mining sectors are critical to Mali's economy, but they face significant challenges, including informalization and inadequate regulation. OMASP's role will be crucial in addressing these issues, ensuring that the state benefits from the sector's potential. The office will need to balance the interests of various stakeholders, including miners, traders, and the state.
The successful establishment of OMASP is seen as a key step towards achieving Mali's economic development goals. The government is committed to supporting the office and ensuring its success. With the right leadership and support, OMASP has the potential to make a significant impact on Mali's economy, increasing revenue and contributing to the country's growth and development.
Key points
- The Malian government has established the Office des Substances Précieuses (OMASP) to increase revenue from the mining sector.
