Indian tycoon Gagan Gupta backs second gold project in Mali in $120 million deal.
The family office of Indian tycoon Gagan Gupta has agreed to fund a second gold mine in Mali, strengthening its exposure to West Africa’s mining sector despite ongoing tensions between the government and foreign investors.
Eagle Eye Asset Holdings has signed a $120 million agreement with Cora Gold to support the development of the Sanankoro gold project in southern Mali, Bloomberg reported. The Singapore-based firm is already backing another nearby project being developed by Toubani Resources.
The move signals continued confidence in Mali’s mining sector, even as the military-led government has spent recent years in disputes with international operators over taxes, royalties, and ownership terms. The country, Africa’s second-largest gold producer, has sought to increase state revenue from mining through tighter regulations and revised fiscal frameworks.
Mining sector tensions
Several miners, including Resolute Mining and B2Gold, have remained operational after reaching settlements with authorities. However, tensions escalated sharply with Barrick Mining, which temporarily lost control of its major Loulo-Gounkoto complex last year amid a prolonged dispute with the government.
Gupta, founder and chief executive of Arise Integrated Industrial Platforms, has expanded his footprint across Africa’s resource sector, with investments spanning mining, infrastructure, and industrial parks in more than a dozen countries. His portfolio includes projects in Sierra Leone, Cameroon, Zambia, and the Republic of Congo.
Under the agreement, Eagle Eye will finance Sanankoro through a streaming arrangement, granting it rights to purchase around 30% of future gold output at 20% of the prevailing spot price, according to Cora Gold. The deal is expected to accelerate development once permits are secured.
The investment follows Eagle Eye’s earlier commitment in October to finance Toubani Resources’ $216 million Kobada project, which is targeting annual production of 162,000 ounces once operational.
Source: Africabusinessinsider