Mali's Treasury raised 44bn FCFA (€67mn) on the regional market on October 28, more than the 40bn FCFA (€61mn) it sought, after investors bid 74.7bn FCFA (€114mn), the regional government securities agency UMOA-Titres said. The three-year bond took 36.5bn FCFA (€56mn) of the total at an average yield of 7.67%, down from 7.78% at the October 14 auction, the agency said.
Analysis: The three-year yield fell for the first time since August 19, ending four successive auction increases, but remains above its mid-August level. Domestic bidders accounted for 33.2bn FCFA (€51mn), or 75.5% of the proceeds, by our calculation. Mali has raised approximately 1,284bn FCFA (€1.96bn) gross this year, 88.6% of its 1,450bn FCFA (€2.21bn) program, according to APA, although part of the borrowing refinances maturing securities. Four auctions remain. The November 11 sale has been reduced to 45bn FCFA (€68.6mn) from the 55bn FCFA (€83.8mn) originally scheduled, leaving the Treasury's funding pace and borrowing costs in focus.
Source: Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, October 28, 2026, October 28, 2026 auction; APA News, APA News, "Mali : 44 milliards FCFA levés sur le marché régional", October 28, 2026, January 1–October 28, 2026; APA News, APA News, October 28, 2026, citing the UMOA-Titres calendar, November 11–December 23, 2026; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication ML ES 14.10.2026, 14 October 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 14/10/2026, October 14, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 19/08/2026, August 19, 2026 auction; Agence UMOA-Titres, UMOA-Titres call for tenders (avis d'appel d'offres), Mali simultaneous issue of bills and bonds of November 11, 2026, dated Dakar, October 30, 2026, November 11, 2026 auction
Mali's butchers' association cut its price for bone-in beef to 3,250 FCFA/kg (€4.95/kg) from 3,500 FCFA/kg (€5.34/kg) from October 19, news site Maliweb reported, according to news agency APA. Mutton fell to 4,500 FCFA/kg (€6.86/kg) from 5,000 FCFA/kg (€7.62/kg), and boneless beef to 3,750 FCFA/kg (€5.72/kg) from 4,000 FCFA/kg (€6.10/kg), APA said.
Analysis: The announced bone-in price is 7.2% below the commerce ministry's early-October national average of 3,502 FCFA (€5.34) a kilogram and would reverse most of the increase since April, by our calculation. But these are proposed seller prices, not verified transactions, and the benefit depends on whether market stalls adopt them. The announcement also comes as the government considers suspending live cattle exports for up to six months, a move that could affect livestock traders. Restaurants and households would benefit from lower retail prices if implemented. Weekly ministry surveys should show whether the reductions reach consumers.
Source: APA News, APA News, press review "Presse/Afrique de l’Ouest : grève au Sénégal, baisse des prix de la viande au Mali et grands projets économiques", October 22, 2026, citing Maliweb, From October 19, 2026; APA News, Ministry of Industry and Commerce price monitoring (as reported by APA, 6 Oct 2026), September 28–October 4, 2026; APA News, Ministry of Industry and Commerce, third consultation with the livestock-meat sector, Bamako, 19 Oct 2026 (as reported by APA, 20 Oct 2026), Proposed October 2026
Nearly 4,000 fuel tanker trucks reached Bamako in October, up from 3,796 in September, after a final convoy of 596 arrived on October 31, news site Bamada.net reported, citing the trade and consumer directorate DGCC. In Koutiala, however, gasoline sold in bottles rose to 1,100 FCFA (€1.68) a liter from 1,000 FCFA (€1.52) about three months earlier, radio network Studio Tamani reported.
Analysis: Tanker arrivals in the capital rose about 5% from September, by our calculation, but improved deliveries there do not necessarily indicate adequate supply nationwide. In southern Koutiala, reported bottle prices were roughly 26% above the latest official pump ceiling of 875 FCFA (€1.33) a liter, while residents described shortages and closed stations. The difference suggests fuel scarcity persisted outside Bamako, although bottle resale prices are not directly comparable with regulated pump prices. National weekly delivery volumes, rather than convoy counts alone, would offer a clearer view of whether regional shortages are easing.
Source: Bamada.net, Bamada.net, 'Ravitaillement massif à Bamako : un nouveau convoi de 596 citernes sécurisé par les FAMa', October 31, 2026, citing the DGCC, October 2026; Bamada.net, Bamada.net, October 31, 2026, citing the DGCC, October 31, 2026; APA News, DGCC (as reported by APA, 11 Oct 2026), September 2026; Bamada.net, Bamada.net, 'Koutiala : le prix de l’essence en bouteille en hausse', October 29, 2026, credited to Studio Tamani, Late October 2026; Bamada.net, Bamada.net, October 29, 2026, credited to Studio Tamani, About late July 2026; APA News, OMAP communiqué of 27 March 2026 (as reported by APA), From 28 March 2026
Mali signed two contracts in Moscow on October 28 with Zarubezhgeologiya, which handles international projects for Russia's state-owned geological group Rosgeologiya, to map two priority zones within 24 months and build a national geological data system within eight months, news agency APA reported. The two zones cover more than half of Mali's territory, Agence Ecofin said, citing Russian news agency TASS.
Analysis: Mining generated 78.8% of Mali's export revenue in 2024, making more comprehensive geological data potentially valuable to future exploration. Mapping is expected to take until around October 2028, while a linked geological and licensing information system could be ready by June 2027. Its earlier launch may prove more immediately relevant because applications for new mining rights remain suspended during a review of existing permits. Russian experts had already agreed to study Mali's mineral potential in July 2025. The ministry has published neither the latest contract value nor a date for reopening applications.
Source: APA News, APA News, "Mali : deux accords pour cartographier le sous-sol", October 2026, From October 28, 2026; APA News, APA News, October 2026, From October 28, 2026; Agence Ecofin, Agence Ecofin, "Mali Taps Russian Firm to Map Over Half Its Territory…", October 29, 2026, Contract signed October 28, 2026; Agence Ecofin, Agence Ecofin, October 29, 2026, citing Malian authorities, 2024; Agence Ecofin, Agence Ecofin, October 29, 2026, citing the Ministry of Mines, April 17, 2026
Resolute Mining's Syama gold mine in Mali produced 105,460 ounces in the first nine months of 2026, 18.4% less than a year earlier, by our calculation from the company's quarterly report of October 28. Third-quarter output rose 6.3% from the second quarter to 31,777 ounces, while visa restrictions allowed only half of the contractors working on a plant upgrade to reach the site, the Australian-listed miner said.
Analysis: Production recovered in September to approximately 15,500 ounces as explosives deliveries resumed and mining access improved. To reach revised annual guidance of 150,000–160,000 ounces, Syama would need 44,540–54,540 ounces in the fourth quarter, or roughly 14,800–18,200 ounces monthly, by our calculation. Sales were below production in the third quarter, increasing gold held in inventory by 9,677 ounces. That distinction matters for cash generation and state receipts, which also depend on realized prices. The company's next quarterly update, expected early in 2027, should show whether the September recovery lasted.
Source: Resolute Mining Ltd, Resolute Mining, September 2026 Quarterly Activities Report (RNS, October 28, 2026), Q3 2026 (July–September) and Q2 2026 (April–June) and January–September 2026 and January–September 2025 and September 2026 and Q2 2026; Resolute Mining Ltd, Resolute Mining, ASX announcement 'Syama Operational Update', 21 September 2026, 2026 and H1 2026
Chart of the week
Mali's three-year Treasury bond yield at auction, %
Weighted average yield at each fortnightly auction, July 8 to October 28, 2026. Source: UMOA-Titres auction results; September 30 as reported by APA.. Source: Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 08/07/2026, July 8, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 22/07/2026, July 22, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 05/08/2026, August 5, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 19/08/2026, August 19, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 02/09/2026, September 2, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, 16/09/2026, September 16, 2026 auction; APA News, UMOA-Titres auction results 30 Sept 2026 (as reported by APA, 1 Oct 2026), September 30, 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication ML ES 14.10.2026, 14 October 2026 auction; Agence UMOA-Titres, UMOA-Titres, Compte rendu d'adjudication, État du Mali, October 28, 2026, October 28, 2026 auction.
Tender of the week
IT equipment, mission vehicles and solar equipment for governance bodies (three lots)
Buyer
Governance structures support project (PASG), public finance reform unit CARFIP, Ministry of Economy and Finance
Scope
Supply of IT equipment, mission vehicles and solar equipment in three lots, with delivery within six months; international open tender, single envelope, under AfDB rules.
Value
Not published; bid security 9mn FCFA (€13,700)
Funding
African Development Fund grant No. 5900155016708 (AfDB Group)
Closes
Thursday, November 12, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Mali's regional borrowing costs as talks with the IMF begin
10 stories with workings, from public finance and debt markets, mining, energy, trade, agriculture, regulation and telecoms
Five key figures (inflation, the three-year bond yield, Senegal's exports to Mali, Bamako building materials prices, weekly fuel deliveries) and the full open-tender list
Euro equivalents use the fixed parity of 655.957 FCFA per euro. Every figure comes from the official source named under it. Spotted an error? Write to info@alamareport.com; corrections run in the next issue.
