Resolute Mining CEO, execs freed by Mali government

(Sharecast News) - Resolute Mining said chief executive Terence Holohan and two other executives have been released by authorities in Mali after reaching a deal to pay the government $160m over a tax dispute.

In a brief statement on Thursday, the Australian miner said the trio, who had been detained since November 9, had been released from the Economic and Financial Centre in the capital Bamako.

"All three employees are safe and well and have departed the country," the company said.

The Perth-based miner earlier this week said it had paid an initial $80m to Mali's government from existing cash reserves "with future payments of approximately $80m to be made in the coming months from existing liquidity sources".

Mali, a large gold exporter, last year rewrote its mining laws to lift state and local ownership. In September, the government detained four local employees of Barrick Gold for four days.

Reporting by Frank Prenesti for Sharecast.com