MINING IN AFRICA SPECIAL — Mali called “Treasure of West

Mali has been called “West Africa’s ancient treasure chest,” and for good reason.

Gold made the ancient empire of Mali one of the wealthiest in the world, and three great empires ruled in its territory from the seventh through to the 16th century. A renowned emperor of those glorious times, Kankou Moussa, is reported to have precipitated a sharp drop in gold prices in 1433 when he brought along eight tons of gold on his pilgrimage to Mecca. Mali is considered one of the most underdeveloped countries in Africa and has little infrastructure. In the past several years, Mali has embarked on a program to modernize and industrialize its economy. As part of this process, the country is encouraging foreign investment in its mining sector by granting significant concessions and providing incentives.