Mali Secures $160M Settlement in Gold Mining Dispute Following CEO’s Detention
Australian mining company Resolute Mining has agreed to pay Mali’s military government $160 million to resolve a tax dispute that escalated after the detention of the company’s British CEO, Terry Holohan, and two colleagues.
The three employees were arrested 10 days ago while traveling to Bamako for what they believed would be routine negotiations. Their release is contingent on the signing of a memorandum of understanding and the completion of an initial $80 million payment, with the remaining $80 million to be paid in the coming months from the company’s existing cash reserves.
Resolute Mining, which operates a gold mine in Mali, is navigating the country’s increasing push to secure a larger share of revenue from foreign mining companies.
Mali, one of Africa’s top gold producers, has implemented stricter measures under its military government, which came to power following a 2021 coup.
Mali’s authorities have accused the Resolute executives of forgery and damaging public property, actions viewed as part of a broader crackdown on foreign—predominantly Western—mining firms.
Last year, Mali introduced a new mining code that increased the maximum stake for the state and local investors from 20% to 35%, further signaling a shift in its approach to international partnerships and resource management under President Col. Assimi Goïta’s leadership.
SOURCE:BBC
