While on a visit to discuss a tax dispute with Malian authorities, Australia-based Resolute Mining’s CEO Terence
Holohan and two other employees were detained on 8 November.
Three years after a successful coup d’état set Mali on a course to decolonise and reclaim its natural resources, foreign companies exploiting Mali’s wealth are under scrutiny.
Aside from auditing foreign companies’ revenues to retrieve back taxes, Mali adopted a mining code on 29 August 2023 to increase the government’s share of foreign-operated mines to as much as 35 per cent. The code also prioritises local investors and state-owned companies over foreign companies.
The US International Trade Administration reports Mali’s Ministry of Mines estimated Mali has 800 tonnes of gold deposits, 2 million tonnes of iron ore, 5,000 tonnes of uranium, 20 million tonnes of manganese, 4 million tonnes of lithium and 10 million tonnes of limestone.
Resolute Mining is the latest foreign corporation to be held accountable in Mali. Since detaining the CEO, the company’s shares significantly dropped, forcing it to halt trading on the stock market.
Sources:
https://www.a-mla.org/en/country/Mali
https://www.ft.com/content/da63f749-1ebe-42f7-b43e-b832962d5c49
https://miningdataonline.com/property/1005/Syama-Operation.aspx
Mali seeks $160 million from Resolute Mining after detaining its CEO
https://finance.yahoo.com/news/resolute-shares-suspended-mali-demands-054018857.html
https://www.ensafrica.com/news/detail/9042/mining-legislation-reform-in-mali-strengtheni