Australian gold miner to pay Mali $160mn over tax dispute

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Australian gold miner to pay Mali $160mn over tax dispute
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Resolute Mining says it is working to release three executives from detention

Resolute Mining is to pay the Mali government $160mn to resolve a tax dispute that led to the detention of the mining company’s chief executive. The Anglo-Australian gold miner said on Monday that it had made an initial payment of $80mn to settle claims related to tax, customs levies and offshore accounts. It said it would pay the remainder in coming months.

A number of businesses have signed up to the code but Resolute, alongside Canada’s Barrick Gold, had not renegotiated existing contracts under the new law. Holohan and the other executives had travelled to Bamako to meet tax authorities ahead of their “unexpected” detention, according to the company. Shares in Resolute, which initially said the tax claims were “unsubstantiated”, are down by more than 40 per cent since news of Holohan’s detention.

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