RT News - Australian mining company to pay African state $160 million

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Resolute Mining says its CEO and two other employees have been detained in Mali due to the impasse

Home News - (RT News)

Tuesday November 19, 2024

Australian firm Resolute Mining has agreed to pay $160 million to Mali's military government to resolve a tax dispute as it seeks to secure the release of three of its employees, including its CEO, who have been detained in the West African state.

In a statement on Monday, Resolute said it had already paid around $80 million toward the settlement and will make another $80 million payment in the coming months.

"Resolute further confirms that it is working with the government on the remaining procedural steps for the release of the three employees, including the company's CEO, Terence Holohan, who were recently detained in connection with these matters," the company stated.

Resolute first reported the detention of its executives in Mali's capital, Bamako, last week. It stated that Holohan and the two others were in Bamako on November 8 for discussions with mining and tax authorities about general activities related to the company's operations in the country. They were "unexpectedly detained" after the meetings, according to the organization.

"They remain safe and well and continue to receive support on the ground from the UK and international embassies and consulates. The company notes that operations on site continue as normal and have not been impacted," it said on Monday.

The Sahel state is one of Africa's leading gold producers. Recent World Gold Council data ranks Mali the second-largest gold-producing country on the continent after Ghana, with an output of 105 tons of industrial gold. Although gold extraction dominates Mali's mining industry, the country also mines diamonds, rocksalt, phosphates, semi-precious stones, bauxite, and iron ore.

Resolute operates the Syama Gold Mine, located in the southwest of Mali, around 300km southeast of Bamako. The firm has an 80% stake, with the Malian government holding the remaining 20%.

The landlocked state's authorities have demanded that the firm pay 100 billion CFA francs ($161 million) in settlement of a dispute sparked primarily by alleged unpaid taxes following a sector-wide audit, Bloomberg reported, citing sources familiar with the matter.

On Monday, Resolute said it had signed a memorandum of understanding (MoU) with Bamako regarding the future of operations in Mali and the resolution of all outstanding claims, including those "related to tax, customs levies, maintenance, and management of offshore accounts."

The Australian company is not the first international miner to run into trouble with the former French colony. In September, Canada's Barrick Gold Corporation announced an agreement with Mali's government to resolve claims and disputes over mine concessions in Loulo and Gounkoto, both in the country's western region. Barrick holds an 80% stake in the two major mining projects.

However, last year, the military leadership, which assumed control of the country in 2020, passed a new mining code that allows the state to own up to 30% of any new projects. Resolute has stated that the new MoU contains plans to migrate the company's assets to Mali's '2023 Mining Code', while ensuring the safety of its employees.

https://www.rt.com/africa/607860-australian-resolute-mining-mali-tax-dispute/

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