Resolute Mining has inked an agreement to hand over the money to ensure the release of its chief executive and two staff being held by Mali’s military junta.
Mali is demanding Resolute Mining pay up to resolve a tax dispute after its government detained the gold miner’s chief executive,according to people familiar with the matter.
Close to $500 million have been wiped off the books of Resolute Mining after it confirmed CEO Terry Holohan and two other employees were being held by Mali’s military junta.
The detention of Terry Holohan and other company executives follows arrests in recent weeks in West Africa that have targeted fellow gold miner Barrick Gold.
The ASX dropped over 100 points at Monday's open,wiping off $30 billion in value,as trade tension weigh on sentiment,but boost gold prices.