---
title: "Mali Government Forces London Listed Resolute Mining to Pay $160 Million Dollars in Tax Settlement"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-11-19T07:52:25+00:00"
modified: "2024-11-19T07:52:25+00:00"
date: 2024-11-19
canonical: "https://stockmark.it/mali-government-forces-london-listed-resolute-mining-to-pay-160-million-dollars-in-tax-settlement/"
category: "Mining"
categories: ["Mining", "Tax"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/2022/12/mining-sm-2.jpg?fit=480%2C270&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Mali Government Forces London Listed Resolute Mining to Pay $160 Million Dollars in Tax Settlement

**Published:** November 19, 2024
**Author:** Stockmark.IT Website
**Categories:** Mining, Tax
**Featured image:** ![Construction vehicles, including a digger, road paver, and road roller, are parked on a dirt lot with large rock formations and hills in the background under a partly cloudy sky. @ stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/2022/12/mining-sm-2.jpg?fit=480%2C270&quality=89&ssl=1)

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Resolute Mining, the London-listed goldminer, has agreed to pay $160 million to the Malian government following a contentious tax dispute that led to the detention of its chief executive and two other executives in the West African nation.

The company’s shares plummeted in London trading, falling 5.3% to 19¾p, marking a 50% decline over the past month. The settlement encompasses claims related to tax, customs levies, maintenance and management of offshore accounts, with an initial payment of $80 million already disbursed from existing cash reserves.

British CEO Terence Holohan, who was appointed in 2022 to spearhead the turnaround of the company’s Syama goldmining project, remains detained in Mali alongside two colleagues. The executives were in Bamako for discussions with mining and tax authorities when the situation escalated.

The dispute highlights growing tensions between Mali’s military junta and foreign mining operations. The government’s new mining code demands increased state ownership in projects, requiring up to 30% state participation with an additional 5% potentially allocated to private Malian investors.

Resolute’s Syama goldmine, the company’s primary asset, produced approximately 212,000 ounces of gold in the previous year, valued at over $500 million at current market prices. The Mali government currently holds a 20% stake in the operation.

The settlement’s impact extends beyond Resolute, affecting other London-listed miners operating in Mali. Shares in Hummingbird Resources and Cora Gold, both yet to comply with the new mining code, have experienced significant declines since the detention of Resolute’s executives.

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