Australian mining firm settles huge Mali tax case after executives detention
Australian mining company reaches settlement with Mali government over tax disagreement. The deal comes after top company officials were held in Maliʼs capital during negotiations
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
