Resolute Faces $160 Million Demand From Mali as CEO Detained
- Holohan and two colleagues have been held since late last week
- Government wants mining firms to renegotiate economic terms
Gold bearing rock and iron ore move along conveyor belts at a production plant at a gold mine in Loulo, Mali.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Mali is demanding Australia’s Resolute Mining Ltd. pay about $160 million to resolve a tax dispute after the government detained the gold producer’s chief executive, according to people familiar with the matter.
CEO Terry Holohan and two colleagues have been held in the capital, Bamako, since late last week after the Resolute boss traveled to the city for meetings with the nation’s tax and mining authorities. The detention comes as the military rulers of Africa’s third-largest gold producer ratchet up pressure on mining companies to renegotiate economic terms.