Published on: 11/18/2024 – 4:14 p.m.

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The three men were arrested earlier this month after traveling to Bamako, the capital, for what they believed to be routine negotiations with the ruling junta.

Instead, British chief executive Terence Holohan and two of his colleagues were “unexpectedly arrested” for questioning.

Resolved said it would pay the Malian government $80 million (€75 million) from “existing cash reserves”, with a further payment of $80 million in the “coming months”.

Since he took power, MaliThe country’s leaders have pledged to recover gold mining revenues from foreign companies operating in the country.

It was not yet clear when Holohan and his two unnamed colleagues might be released.

Resolute said it was now “working with the government on the remaining procedural steps for the release of the three employees,” adding that they remained “safe and healthy” in the meantime.

It was the second time in recent months that employees of a foreign mining company had been arrested.

Major export

Gold contributes to a quarter of the national budget and three-quarters of export earnings.

The $160 million (€151 million) payment poses a significant hurdle for Resolute, which, according to its financial statements, currently holds $157 million in cash.

Resolved owns 80 percent of a subsidiary that owns the Syama mine in the northwest of the country, with the Malian state controlling the remaining 20 percent, according to the company’s website.

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The Australian company also has a gold production site at Mako, in neighboring Senegal, and has other exploration operations in Mali, Senegal and Guinea.

The Resolute team’s arrest comes shortly after four employees of another foreign mining company, Canadian firm Barrick Gold, were detained in Mali for several days in September before being released.

Barrick Gold announced that it had reached an agreement with the State and paid 50 billion CFA francs (76 million euros) in October.