Regime secures $160m over dispute with Australian firm

Australia's Resolute Mining confirmed it has struck a deal worth $160m with Mali’s military government, after the company's CEO and two other executives were ‘unexpectedly detained’. Radio France Internationale reports that the three men were arrested this month after travelling to the capital Bamako for what they thought were routine negotiations with the ruling junta. Instead, British CEO Terence Holohan and two of his colleagues were ‘unexpectedly detained’ for questioning. Resolute said it would pay the Malian Government $80m from ‘existing cash reserves’, with a further payment of $80m in the ‘coming months’. Since seizing power, Mali's leaders have vowed to claw back gold mining revenues from foreign companies operating in the country. It is unclear when Holohan and his two unnamed colleagues might be released. Resolute holds 80% of a subsidiary that owns the northwestern mine of Syama, with the Malian state controlling the remaining 20%, according to the firm's website.

Full Radio France Internationale report