Australia’s Resolute Mining announced on Thursday that the Malian government released its CEO, Terence Holohan, and two other employees after they were detained earlier this month.
Australia’s Resolute Mining announced on Thursday that the Malian government released its CEO, Terence Holohan, and two other employees after they were detained earlier this month, Reuters reported.
The CEO and executives were held in Mali’s capital, Bamako, for discussions with mining and tax authorities concerning the company’s business practices, the company previously stated.
Earlier this week, the miner agreed to pay $160 million to the Malian government to resolve the tax dispute. On Monday, Resolute said it had paid the Mali government an initial settlement of $80 million and would disburse the balance from “existing liquidity sources” in the coming months, Bloomberg reported.
Resolute confirmed that Holohan and the other two employees were released from the Economic and Financial Centre of Bamako. According to the company’s statement, “All three employees are safe, well, and have departed the country.”
Mali and mining companies
Mali’s junta has been pushing mining companies to renegotiate their contracts, following the introduction of laws that boost the state’s share of mining profits. The government has even cautioned Barrick Gold Corp. that it might reclaim the Loulo mine permit when it expires in 2026.
Barrick’s CEO, Mark Bristow, stated last week that discussions with Malian leaders are ongoing to reach a “mutually acceptable outcome.”
Recently, Allied Gold Corp. and B2Gold Corp. reached agreements with Mali’s government for their Sadiola and Fekola projects, agreeing to payments of around $116 million and $204 million, respectively, under the new terms.
