Resolute Mining CEO Terence Holohan, along with two other company employees, remains in detention in Mali, according to diplomatic sources.
The three executives were taken into custody earlier this week while in Bamako for discussions with local authorities about the company’s operations. Resolute Mining, an Australian gold producer, has not provided further details on their status.
This development comes amid a growing dispute between Resolute and Mali’s military junta over alleged back taxes. On Thursday, Resolute’s shares dropped sharply by 8.1%, reaching their lowest point since March.
The decline followed reports that Mali’s government is demanding at least $161 million from the company, a claim linked to back taxes. As a result, trading of Resolute shares was temporarily suspended on the Australian Stock Exchange.
The company has stated that the claims against it are unsubstantiated and that the executives were simply engaging with authorities over business matters. However, no additional comment was made in response to Reuters’ inquiries.
Mali’s military junta has been asserting greater control over its mining industry since adopting a new mining code in August 2023. This law aims to increase the country’s stake in gold concessions and address what it views as a significant shortfall in revenue.
These tensions have escalated relations between Mali’s government and major gold miners, including Barrick Gold and B2Gold. In September, four Barrick employees were briefly detained, and the company faced demands for over $500 million in unpaid taxes and dividends.
The situation remains fluid, and Resolute has promised to provide further updates as developments unfold.
