On November 8, 2024, the Malian government detained three executives from Resolute Mining, including CEO Terence Holohan, amid allegations of tax irregularities. The owner of the Syama gold mine has since agreed on a $160 million settlement to resolve the matter and secure their release.
On November 21, Resolute Mining confirmed that Holohan and his colleagues had been released and were safe. “The three employees are safe and well and have departed the country,” the company stated.
This ends a tense standoff between Resolute and the Malian authorities. Initially, the company denied the accusations regarding tax payments but later consented to pay $160 million to resolve the dispute. On November 18, Resolute announced an initial payment of $80 million, with plans to pay the remaining amount in the coming months.
Resolute is not alone in facing scrutiny from the Malian government; other gold producers have also been impacted by recent tax adjustments following an audit that revealed a revenue shortfall of between CFA300 billion ($484.3 million) and CFA600 billion ($968.5 million) for 2023.
Companies such as Canada’s Allied Gold, B2Gold, and Robex Resources have agreed to pay substantial sums to settle their disputes with the government, while Barrick Gold is still in negotiations, reportedly facing demands of up to $500 million from Mali.
Mali wants to apply its new mining code across all mines in the country, seeking to generate an additional CFA500 billion ($800 million) in public revenues. Adopted in 2023, the new code raises State shareholding in mines from 20% to 30% and introduces a 5% shareholding for local investors.
Resolute’s Syama mine is expected to produce between 205,000 and 215,000 ounces of gold in 2024.
Emiliano Tossou
Lire aussi:
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might seek to address rating concerns • April 2026 allows...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...