Australian gold miner Resolute Mining has agreed to pay Mali’s military government $160 million to resolve a tax dispute, following the detention of its British CEO, Terry Holohan, and two other employees. The executives were arrested 10 days ago while traveling to Bamako for routine negotiations.
Resolute will make an initial $80 million payment from its cash reserves, with the remainder to be paid over the coming months. The detention of the executives, on charges of forgery and damaging public property, is seen as part of Mali’s broader push to extract more revenue from foreign mining companies.
Since seizing power in 2021, Mali’s military government has sought to renegotiate its relationships with international partners and adjust its mining laws, including raising the maximum stake for state and local investors from 20% to 35%. The release of the executives is contingent on the payment and signing of a memorandum of understanding.
