Resolute Mining has agreed to pay Mali’s military government $160 million to settle a tax dispute after the unexpected detention of its British CEO, Terry Holohan, and two of his colleagues. The executives were detained during a trip to Bamako, Mali’s capital, for what they believed to be routine negotiations. The settlement includes an initial $80 million payment from Resolute’s cash reserves, with the remainder to follow in the coming months. Per French broadcaster RFI, the detained executives’ release is contingent on signing a memorandum of understanding and completing the initial payment, among other things. Mali, one of Africa’s leading gold producers, recently announced its intention to secure a larger share of revenue from foreign mining companies, mostly Western, operating within its border.
SOURCE: BBC
