Resolute makes second payment of $50m to Mali government
London- and Australia-listed Resolute Mining has made a second settlement payment of about $50-million to the government of Mali from existing cash reserves.
The company notes that the remaining payment of about $30-million is expected to be paid by the end of this year, from existing liquidity sources.
The settlement payments totalling about $160-million are pursuant to a memorandum of understanding expressed as a protocol that Resolute executed with the Mali government on November 18.
Resolute agreed to the $160-million payment after its CEO and other executives were detained in the country. An initial $80-million payment was made to the government, after which the executives were released and allowed to return to Australia.
Resolute says the protocol sets the framework for further detailed discussions with the government regarding the long-term future of Resolute's operations in Mali.
This includes migration of the company's assets in Mali to the 2023 Mining Code alongside maintaining the safety of all company employees.
As announced previously, Resolute notes that the protocol also provides that all outstanding claims by the government against the company, including those related to tax, customs levies, maintenance and management of offshore accounts are settled.
The company explains that discussions with the government are ongoing to clarify points of the protocol. Further details around the specifics of the protocol will be provided in due course.
“Resolute remains focused on securing the long-term future of, and creating certainty for, the Syama gold mine and its expansion plans.
“The company also remains committed to working collaboratively with the Mali government, together with all its stakeholders. Operations at Syama continue as normal and have not been impacted,” the gold miner comments.
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