In a recent development‚ Australias Resolute Mining agreed to pay a hefty sum of $160-million to Malis government to fix their tax problems. The settlement comes after a tense situation where company officials were held by local authorities
About ten days ago Terence Holohan (the companys CEO) and two other high-ranking executives found themselves in an unexpected situation — they were detained in Bamako while visiting for business talks. The Mali government didnt explain why they held the mining companys representatives; however the timing suggests it was connected to the tax dispute
The mining firm which runs gold-extraction operations in the West-African nation had been in discussions with Maliʼs military-led administration about various disagreements: these talks finally led to todays settlement announcement. The resolution shows how foreign companies must adapt to local requirements when doing business in different regions