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The makeshift boat was carrying around 80 people when it capsised. Only 11 survived, the Ministry of Malians Abroad said in a statement on Thursday, after collecting information to reconstruct the incident.
A crisis unit has been set up to monitor the situation, it added.
The Atlantic migration route from the coast of West Africa to Spain's Canary Islands, typically used by African migrants trying to reach mainland Spain, has seen a surge this year, with 41,425 arrivals in January-November already exceeding last year's record 39,910.