Investing.com -- Mali started building a new gold refinery on Monday with Russian backing, as the West African nation’s military leader aims to increase control over its natural resources.

The facility will have a 200-ton capacity and Mali will hold a controlling stake. The project is being developed in partnership with Russia’s Yadran Group and a Swiss investment company.

Colonel Assimi Goita, Mali’s interim president, previously announced that all mining companies would be required to process their gold domestically under a revised mining code, though no deadline was provided for this requirement.

The government has not specified when the plant will be completed. Once fully operational, the refinery will process all gold produced in Mali into dore bars before export, with a capacity nearly four times Mali’s annual gold production.

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