Australia’s Resolute Mining has agreed to pay Mali’s government $160 million to resolve a tax dispute.
The development comes after the West African country detained the company’s CEO, Terence Holohan, and two other employees during a visit to Mali’s capital, Bamako.
The team was expected to hold discussions with Mali’s government regarding activities related to Resolute’s business practices in the country, as the company reported last week.
The company announced that it had made $80 million as the initial payment for the settlement, with the remaining $80 million to be settled in the coming months.
Resolute is an Australian-based gold miner with operations in West Africa. Currently, the mining company operates gold mines in Mali and Senegal.
In a statement on Monday, Resolute said that it is currently working with Mali’s authorities to secure the release of the three British nationals.
Its gold mine in Syama, Mali, is its largest operational mine, contributing nearly two-thirds of its annual sales in 2023.
Resolute holds an 80% stake in the project, whereas Mali’s government owns the rest. However, Mali’s government has been pushing to get greater control over mining operations in the country and to get a larger share of profits from foreign mining companies.
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