Mali Secures $160M Settlement in Dispute with Australian Mining Company
Resolute Mining has agreed to pay $160 million to Mali’s military junta to resolve a tax dispute following the unexpected detention of its British chief executive, Terry Holohan, and two of his colleagues. The executives were detained during a trip to Mali’s capital, Bamako, for what they believed to be routine negotiations. The settlement includes an initial payment of $80 million from Resolute’s cash reserves, with the remainder to be paid out in the coming months. According to French broadcaster RFI, the release of the detained executives is conditional on signing a memorandum of understanding and completing a down payment. Mali, one of Africa’s leading gold producers, recently announced its intention to obtain a greater share of revenue from foreign, mainly Western, mining companies operating within its borders.
source: British Broadcasting Corporation
