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Resolute Mining to pay Mali $160 million to resolve tax dispute and free staff
By Sherin Sunny and Sachin Ravikumar
Reuters
Monday, November 18, 2024
Australia's Resolute Mining said today that it would pay $160 million to Mali's government to help resolve a tax dispute after the West African country detained its CEO Terence Holohan and two other employees this month.
Resolute has made an initial payment of $80 million as part of the settlement from existing cash reserves and will make future payments of about $80 million in the coming months from existing liquidity sources, it said in a statement.
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After the news, Resolute shares fell as much as 14.3% in early trading on Monday to A$0.345, their lowest since March 1.
The detained employees were in Mali's capital, Bamako, to hold discussions with mining and tax authorities regarding general activities related to the company's business practices, the company said last week.
Resolute is working with the Mali government to release the detained employees, who remain "safe and well" and are receiving support from the UK and international embassies and consulates, the miner said. ...
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