A Perth-headquartered gold mining company has agreed to give $247 million — more than its entire cash reserves — to the government of Mali after its chief executive and two other employees were detained by authorities in the West African country. Resolute Mining CEO Terence Holohan and the other two employees were unexpectedly detained on November 8 in Mali’s capital of Bamako, at the conclusion of a meeting with government mining and tax officials.
To resolve the matter, Resolute said on Monday it had paid Mali $US80 million out of its $US157 million in cash reserves, and promised to pay another $US80 more in coming months. As of October 31, Resolute had total cash and bullion of $US196 million, , with a net cash balance of $US157 million . Resolute said it was working with the government on the remaining procedural steps to secure the release of Holohan and the other employees, all British citizens.