Resolute Mining says Terence Holohan and other executives were in Bamako to discuss claims made against company
Shares of Australian gold miner Resolute Mining plunged more than 30 per cent on Monday after the company said its chief executive Terence Holohan and two other employees had been detained in Mali. The Resolute executives were in the capital Bamako to discuss with officials “open claims made against Resolute” that the group “maintains are unsubstantiated”, Resolute said on Monday.
The news comes as the Malian government is increasing pressure on mining companies to renegotiate their contracts. Barrick Gold, AngloGold Ashanti and Endeavour Mining all operate gold mines in Mali. In September, Barrick Gold and the Mali government settled a dispute after the country’s military government said the company owed it more than $500mn in outstanding taxes and royalties and detained four company employees.
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