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Terry Holohan, CEO of Resolute Mining Ltd., along with two employees, has been released from detention in Mali following a $160 million tax dispute settlement with the government. The trio was held in Bamako for over a week before departing the country after meetings with tax and mining authorities.
Mali has released three executives from Resolute Mining Ltd., including CEO Terry Holohan, after detaining them over a tax dispute. Their release followed a $160 million deal struck between the company and the government, formalized through a memorandum of understanding.
Mali is demanding approximately $160 million from Resolute Mining Ltd. to settle a tax dispute following the detention of CEO Terry Holohan and two colleagues in Bamako. The executives were held after Holohan's meetings with the country's tax and mining authorities, amid increasing pressure from the military government on mining companies to renegotiate economic terms.
Resolute Mining Ltd's CEO has been detained in Mali amid a regulatory overhaul in West Africa, as governments seek to boost revenue from natural resources. The military junta in Mali is intensifying its scrutiny of mining operations, affecting both Resolute and Barrick Gold Corp., which faces similar challenges. Other countries in the region, including Niger and Burkina Faso, are also revising mining codes and conducting audits.
Terry Holohan, the CEO of Resolute Mining Ltd., along with other executives, has been detained by Mali's military-controlled government. The detentions occurred over the weekend, as reported by sources familiar with the situation who requested anonymity.
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