Investors can't overlook politics
The detention in Mali of Resolute Mining's chief executive, Terence Holohan, brings into focus the increasing political risk in the West African country and several of its close neighbours. As reported in Reuters, Holohan and two other Resolute employees are still being detained after they travelled to the nation's capital, Bamako, to discuss the company's future in Mali with government officials.
It was not until 2023, when the ruling military junta introduced a new mining code, demanding a greater share of ownership from Western miners, that markets started to get worried.The new mining code empowered the junta to increase its ownership of gold projects and recoup unpaid taxes and production revenues. Miners have been working to strike deals with the Malian government in recent months to bring their projects into compliance with the new code.
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