The company has been operating the mine since 2017 but the new mining code of Africa's second biggest gold producer compels international companies to pay higher taxes and hand over bigger stakes in assets to the state.

In a sign of unease over the new legislation, Robex said in September it was looking to sell its Nampala mine but it had not received any reasonable offer.

A statement by Mali's Council of Ministers released late on Wednesday said the company was planning to produce 1.4 tons of gold per year for a period of 8 years.

"Geological research carried out by the company has identified a deposit with mineral reserves estimated at 17,351,000 tons with a gold content of 0.70 grams per ton," it said.

The statement said the government and the company had signed a memorandum of understanding in September that allowed Mali to increase its shareholding in the project, entitling the state to priority dividends.

--Reuters--