Mali wins $160m in gold mining dispute against Australian company
The decision follows the unexpected detention of the company's CEO, Terry Holohan, and two other employees during a trip to the capital, Bamako, intended for what was expected to be routine discussions.
An Australian mining firm, Resolute Mining, has agreed to pay $160 million (£126 million) to Mali's military government to resolve a tax dispute.
The decision follows the unexpected detention of the company's CEO, Terry Holohan, and two other employees during a trip to the capital, Bamako, intended for what was expected to be routine discussions.
According to reports, Holohan and his colleagues were arrested as part of negotiations linked to the tax disagreement.
Resolute, which operates a gold mine in Mali, announced that it would make an initial payment of $80 million from its current cash reserves, with the remaining amount to be paid over the coming months.
Mali, one of Africa’s leading gold producers, has been working to claim a larger share of profits from international mining companies.
However, the release of the detained Resolute executives remains uncertain. Reports from French broadcaster RFI indicate that their release is contingent on signing a memorandum of understanding and completing the initial payment.
The military-led government, which accused the Resolute executives of forgery and causing public harm, has been ramping up efforts to exert greater control over foreign mining operations.
This move aligns with broader policies by the junta, which seized power in 2021, to reshape Mali's economic and political partnerships, especially with Western nations.
