Mali Coup Leaders Request Gold Mining Continues--Oklo Resources

Coup leaders in Mali, Africa's third largest gold producer, met with gold mining companies this week and requested that work continue despite closed borders, Oklo Resources Ltd. (OKU.AU) said Wednesday.

Australia-based Oklo Resources, which is developing two gold mines in Mali, said a senior representative of the coup leaders met with seven major foreign-owned gold producers operating in Mali on Monday. He "acknowledged" the importance of gold mining to Mali's economy and made promises to allow fuel and other mine supplies to come into the country.

Oklo has a 75% interest in two gold development projects in the far west of the country near the Mauritania border. The company said its projects are operating normally.

Gold mining is vitally important to Mali, with the sector accounting for 70% of the country's exports, global political risk research and consulting firm Eurasia Group said in a note in January.

Last week disgruntled Malian soldiers stormed the state broadcaster's offices and swept through the presidential palace, sending the president into hiding one month before Mali was set to hold elections.

Mali's army has been caught up fighting in the Azawad region against a separatist army of ethnic Tuaregs many of whom had returned home with their weapons from Libya where they had served in the forces of leader Moammar Gadhafi. Soldiers have complained that the government was too slow to allocate heavier weaponry.

Gold miners in the country, including Randgold Resources Ltd. (GOLD) and Anglogold Ashanti Ltd. (ANG.JO), said work continued as normal after the coup.

Gold Fields said it stopped drilling for a day but then resumed work. The mining company said it has enough supplies on site to drill for a few more weeks if borders remain closed.

-By Devon Maylie, Dow Jones Newswires, [phone]; [e-mail]