The deal involves building the refinery to process 200 tonnes of gold annually.

It is valid for four years and does not specify the timelines for the construction.

Gold is Mali's leading export product by value and one of its largest contributors to economic growth, according to the country's mining ministry.

The project will allow Mali to control all gold production in the country and "correctly apply all taxes and duties", according to Finance Minister Alousséni Sanou.

Mali has strengthened its relations with Russia in recent years following the military coup in 2021 and the withdrawal of French forces from the country a year later.