JOHANNESBURG(BullionStreet): Africa's third largest gold producer Mali said country's gold production dipped marginally last year while revenues from the yellow metal climbed on surging prices.

According to country's mineral ministry, Mali produced 43.5 tons of gold in 2011 and gold revenues surged by more than 20% to $475 million.

Global price of gold rose 10% in 2011, its 11th consecutive year of gains, as investors sought refuge from tumbling equities and bonds markets.

The West African nation produced 46 tons in 2010. The country had originally targeted revenues from gold production to reach 150 billion CFA Francs last year.

Mali, third biggest miner of the precious metal behind South Africa and Ghana is trying to develop its mining industry to take advantage of high metals prices on world markets and gold has overtaken cotton as the country's primary export earner.

Mali's miners including South Africa's Gold Fields , Anglogold , Iamgold and Randgold have operation in the country.

Two more mines, Randgold's Gounkoto mine and Wassoul'Or's Kodieran mine, will start production in the country this year.