Mali’s military government is set to receive $160 million from Australian mining company Resolute Mining to resolve a tax dispute that escalated following the unexpected detention of the company’s British CEO, Terry Holohan, and two other staff members.
The executives were arrested 10 days ago while traveling to Bamako, Mali’s capital, for what they believed to be routine negotiations.
In a statement on Sunday, Resolute Mining, which operates a gold mine in Mali, confirmed it would pay $80 million upfront from existing cash reserves, with the remainder to be settled in the coming months.
Mali is one of Africa’s leading gold producers and has been intensifying efforts to extract greater revenue from foreign operators in the mining sector. Last year, the transitional government introduced a new mining code, raising the maximum stake for state and local investors from 20% to 35%.
The release of the three detained Resolute employees hinges on the signing of a memorandum of understanding and the completion of the initial payment, according to reports.
The executives had been accused of forgery and damaging public property, charges viewed as part of a broader crackdown on foreign—primarily Western—mining firms operating in the country.
Since assuming power in a 2021 coup, Mali’s transitional president, General Assimi Goïta, has sought to recalibrate the country’s political and trade relationships.
This move aligns with broader efforts to assert greater control over natural resources and reduce reliance on foreign companies.