The Malian government has launched a major crackdown on Société des Mines de Kofi (MIKO-SA), a subsidiary of Nguvu Mining Group. The latter is also a majority shareholder of Adamus Resources in Ghana.
Société des Mines de Kofi is being accused of failing to pay the required tax to the state of Mali and multiple violations of the country’s mining and financial regulations.
The latest development comes amid growing scrutiny surrounding operations of Nguvu Mining Group across West Africa, with the recent revocation of the licence of its Ghanaian subsidiary, Adamus Mines, by Ghana’s Ministry of Lands and Natural Resources over alleged regulatory
and operational breaches linked to its mining activities.
Adamus Mines suffered a revocation of its mining licence, recently following concerns raised by Ghanaian authorities, which centred on compliance failures and operational irregularities.
Similarly, the Malian authorities are accusing MIKO-SA of engaging in serious financial misconduct, including an alleged opening of unauthorised offshore accounts and the failure to repatriate foreign exchange earnings into Mali, in violation of the country’s foreign exchange control laws.
In a strongly worded notice, dated April 24, 2026 Mali’s Minister of Mines, Amadou Keïta warned the company that its exploitation permit could be withdrawn if the alleged breaches are not rectified within ninety days.
The notice, addressed to the Chief Executive Officer of MIKO-SA, in Bamako, and copied to Mali’s Minister of Economy and Finance, underscored the gravity of the accusations and the government’s determination to enforce compliance in the mining sector.
According to Mali’s Ministry of Mines, MIKO-SA and SEMICO-SA, both subsidiaries of Nguvu Mining Group, hold exploitation permits for the Kofi and Segala mining projects located in the Kéniéba Circle, in Western Mali.
Authorities say investigations and engagements with company officials uncovered several alleged violations, including the suspension of mining operations for more than two years
without authorisation from the mining administration.
The government further accused the company of failing to pay taxes, duties and royalties owed to the Malian State, describing the alleged conduct as a serious breach of the country’s mining code and financial laws.
The said formal notice alleged that MIKO-SA opened offshore accounts without approval and failed to transfer foreign currency proceeds back into Mali as required under Uniform Law No. 2016-007 governing exchange control regulations.
The government maintains that the alleged offences violate Article 18 of Mali’s Mining Code established under Ordinance No. 99-032/P-RM of August 19, 1999, which empowers the State to withdraw mining titles where companies suspend operations without authorization or fail to meet tax and royalty obligations.
The Ministry stressed that each of the alleged violations independently constitutes grounds for the withdrawal of the company’s exploitation permit.
Minister Keïta consequently directed MIKO-SA to regularise the situation within ninety days or risk losing its mining rights entirely.
“Failing this, the State reserves the right to proceed with the outright withdrawal of your permit,” the notice stated in part.