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Australian gold miner Resolute Mining has agreed to pay Mali’s military-led government $160 million (£126m) to resolve a tax dispute, following the detention of the company’s British CEO and two colleagues.
The trio, including CEO Terry Holohan, were reportedly arrested 10 days ago while traveling to the capital, Bamako, for what they had anticipated would be routine discussions. Their detention came amid heightened scrutiny of foreign mining firms in the West African nation.
Resolute, which operates a gold mine in Mali, announced on Sunday that it will make an initial payment of $80 million from existing cash reserves, with the remaining amount to be paid in the coming months.
Mali’s Push for Greater Mining Revenue
Mali, one of Africa’s leading gold producers, has been tightening its grip on foreign mining operators to secure a larger share of sector revenues. The arrest of the Resolute executives and the charges of forgery and damaging public property have been interpreted as part of the junta’s broader effort to extract more income from international mining companies, many of which are based in Western countries.
Reports suggest that the release of the three employees is contingent on signing a memorandum of understanding and completing the first payment. However, their release timeline remains uncertain.
Strained Relations with Foreign Partners
Since seizing power in a 2021 coup, Mali’s military rulers, led by President Col Assimi Goïta, have sought to overhaul the country’s trade and political relationships. Last year, the government introduced a new mining code that increased the maximum stake for state and local investors in mining operations from 20% to 35%.
The situation underscores growing tensions between Mali and foreign operators in its lucrative mining sector, with the military government adopting an assertive stance against Western interests as part of its broader reconfiguration of international ties.
This high-profile settlement highlights the complex challenges facing foreign companies in Mali, as the country’s government seeks to assert greater control over its natural resources.
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Australian gold miner Resolute Mining has agreed to pay Mali’s military-led government $160 million (£126m) to resolve a tax dispute, following the detention of the company’s British CEO and two colleagues.
The trio, including CEO Terry Holohan, were reportedly arrested 10 days ago while traveling to the capital, Bamako, for what they had anticipated would be routine discussions. Their detention came amid heightened scrutiny of foreign mining firms in the West African nation.
Resolute, which operates a gold mine in Mali, announced on Sunday that it will make an initial payment of $80 million from existing cash reserves, with the remaining amount to be paid in the coming months.
Mali’s Push for Greater Mining Revenue
Mali, one of Africa’s leading gold producers, has been tightening its grip on foreign mining operators to secure a larger share of sector revenues. The arrest of the Resolute executives and the charges of forgery and damaging public property have been interpreted as part of the junta’s broader effort to extract more income from international mining companies, many of which are based in Western countries.
Reports suggest that the release of the three employees is contingent on signing a memorandum of understanding and completing the first payment. However, their release timeline remains uncertain.
Strained Relations with Foreign Partners
Since seizing power in a 2021 coup, Mali’s military rulers, led by President Col Assimi Goïta, have sought to overhaul the country’s trade and political relationships. Last year, the government introduced a new mining code that increased the maximum stake for state and local investors in mining operations from 20% to 35%.
The situation underscores growing tensions between Mali and foreign operators in its lucrative mining sector, with the military government adopting an assertive stance against Western interests as part of its broader reconfiguration of international ties.
This high-profile settlement highlights the complex challenges facing foreign companies in Mali, as the country’s government seeks to assert greater control over its natural resources.
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