The transitional authorities in Mali have decided to nationalize a gold mine operated by a company from South Africa and another from Canada, according to an official source in Bamako.

A statement published on social media indicated that the Council of Ministers approved a decree agreeing to transfer 40 percent of the shares owned by South African company (AngloGold Ashanti) and Canadian company (Iamgold) to the state, noting that the state owns the remaining 20 percent.

The same source added that mining activities ceased in 2016 due to the sudden drop in gold prices, pointing out that "the reserves have not been completely depleted."

The state television presented the nationalization of the mine as a confirmation of the restoration of sovereignty over Mali's national natural resources.