Resolute Mining Ltd. reported that its CEO, Terry Holohan, along with two other executives, has been detained by Mali’s military-led government. The executives had traveled to Bamako, Mali’s capital, for meetings with local mining and tax authorities but were “unexpectedly detained” after the discussions concluded on Friday, according to a statement from the company on Sunday.
This detention follows recent actions by Mali’s government targeting foreign mining companies, including the arrest of four Barrick Gold Corp. employees in October. The military government, which took power through a coup in 2020, has intensified efforts to increase state revenue from mineral resources under a mining code adopted last year. Gold, a key pillar of Mali’s economy, has grown more critical as the country faces import restrictions and remains cut off from regional financial markets due to sanctions.
In recent months, the government has sought to renegotiate existing mining contracts with foreign firms such as B2Gold Corp., Allied Gold Corp., and AngloGold Ashanti Plc. However, Assane Sidibe, president of the mining commission within the National Transitional Council, previously stated that the regulations should apply only to new contracts and renewals of existing permits.
Resolute has ramped up production at its Syama mine in southeastern Mali, with plans for a second phase expected to launch in 2025. The Malian government holds a 20% stake in this project, which produces around 2.4 million tons of ore annually.
“Resolute has adhered to all official procedures and provided detailed responses to the authorities’ claims,” the company said. “While we are working toward a resolution with Mali’s government to ensure the long-term future of the Syama mine, our top priority remains the safety and wellbeing of our employees.”
An official from Mali’s mining ministry declined to comment when reached.
