By Issah Olegor
Fresh scrutiny has hit a sister company of mining firm Adamus Resources after the Government of Mali launched formal investigations into alleged tax, royalty and foreign exchange breaches involving Société des Mines de Kofi (MIKO-SA) , a company operating in the country’s western mining belt.
The move marks the latest escalation in Mali’s tightening oversight of foreign-linked mining companies as authorities intensify efforts to enforce compliance within the lucrative gold sector, which remains a major pillar of the country’s economy.
In a formal notice dated April 24, 2026, Mali’s Minister of Mines, Amadou Keïta, accused MIKO-SA of several violations of the country’s mining and financial laws and warned that the company risks losing its exploitation permit if the issues are not corrected within 90 days.
The notice, which was addressed to the Chief Executive Officer of MIKO-SA in Bamako and copied to Mali’s Ministry of Economy and Finance, followed meetings between officials of the Ministry of Mines and representatives of companies under the NGUVU Group, including SEMICO-SA and MIKO-SA. Both firms are linked to the Adamus Resources Group and hold mining exploitation permits for the Segala and Kofi projects located in the Kéniéba Circle in western Mali.
Angela List is the Founder and Chief Executive Officer (CEO) of Nguvu Mining Limited, a group of mining companies operating in West Africa including: Adamus Resources Limited, Northern Ashanti Mining Company Limited, Segala Mining Corporation, Samira Hill Gold Mine and Poura Resources Limited.
Attempts to reach Angela List yesterday received no response as message sent to her through her agent was not responded.
According to the Malian authorities, investigations uncovered a number of alleged irregularities attributed to MIKO-SA, including the suspension of mining operations for more than two years without authorization from the mining administration.
Government officials also accused the company of failing to pay taxes, duties and royalties owed to the State in relation to its mining activities.
The allegations, however, extend beyond operational and tax-related concerns.
Mali’s Ministry of Mines further accused the company of breaching the country’s foreign exchange regulations by allegedly opening an offshore account without authorization and failing to repatriate foreign currency earnings into Mali.
Authorities said the conduct contravenes Uniform Law No. 2016-007 of March 17, 2016 governing exchange control regulations.
The accusations have heightened concerns over financial compliance within Mali’s mining industry at a time the military-led government is pursuing aggressive reforms aimed at increasing state revenue from natural resources and tightening control over multinational mining operators.
The Malian government argues that the alleged offences violate Article 18 of Ordinance No. 99-032/P-RM of August 19, 1999, which established the country’s Mining Code. Under the law, mining titles can be withdrawn or cancelled where a company suspends operations for more than two years without authorization or fails to honour tax and royalty obligations owed to the State.
Authorities stressed that each of the alleged breaches independently constitutes sufficient grounds for revoking the company’s mining licence.
“As a result of the above, I request that you correct these shortcomings within a period of ninety (90) days. Failing which, the State reserves the right to proceed with the pure and simple withdrawal of your permit,” portions of the notice signed by Mines Minister, Amadou Keïta stated.
In recent years, Mali has intensified efforts to renegotiate mining arrangements and ensure stricter adherence to fiscal and operational regulations amid rising global demand for gold and strategic minerals.
The Kéniéba region, where the Kofi and Segala mining projects are located, is one of Mali’s major gold-producing zones and hosts several international mining operations.
Although the Malian government has not publicly announced criminal charges against MIKO-SA, the allegations surrounding offshore accounts and foreign currency transfers are likely to trigger deeper financial and regulatory investigations in the coming months.
