Resolute CEO takes leave after Mali detainment
ASX- and LSE-listed Resolute Mining has announced that CEO Terry Holohan will take a leave of absence from December 13, 2024, until January 31, 2025, following his recent detention in Mali alongside two colleagues.
The trio, detained on November 8 during discussions with Malian mining and tax authorities, were released on November 21 after the company agreed to a $247-million settlement with the Malian junta.
During Holohan's absence, CFO Chris Eger will serve as acting CEO, while group financial controller Dave Jackson will assume the role of acting CFO.
Resolute non-executive chairperson Andrew Wray expressed his best wishes to Holohan and assured stakeholders that the company was in capable hands under Eger's leadership.
“On behalf of the entire company I would like to wish Terry well as he takes a break to be with his family. Chris and Terry are an excellent team overseeing the growth of the business. Given the recent challenges in Mali and his knowledge of the business, Chris is the natural person to lead the company as acting CEO.”
The company also provided an update on its settlement with the government of Mali. The third and final payment of about $30-million is due at the end of December. This payment will come from the company’s existing cash reserves, supported by strong operating cash flows from its Syama and Mako mines.
Resolute said it was working with Malian authorities to implement the country’s 2023 Mining Code, which was formalised in a protocol signed on November 18. The updated code increases corporate income tax from 25% to 30%, removes fuel duty exoneration, and adjusts royalty rates based on gold prices. At prices exceeding $2 500/oz, the royalty rate will rise to 10.5%. The Malian government will hold a 20% preference share interest in Syama, while Resolute’s subsidiary retains an 80% ordinary share interest.
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