Surprised there is'nt any news coming out of Mali. Wonder what action is being taken by Embassies etc. to get them released. Do we know on what grounds they were detained? Not acceptable. Pressure needs to be brought to bear to get them released or at the very least ensure a satisfactory explanation for their detention is provided. |
 SP Angel, Analysts in London comment this morning:
Like their reassurance & good wishes for those involved in this unexpected and distressing event. I also extend my good wishes to their families & friends and hope for a fast resolution
.
Resolute Mining (RSG LN) 23.6p, Mkt Cap £735m – Detention of employees in Mali
Resolute Mining reports that three of its employees, including Chief Executive, Terry Holohan, have been detained in Mali “by Government Officials”.
The announcement confirms that the “executives were in Bamako to hold discussions with the mining and tax authorities regarding general activities related to Resolute's in-country business practices, and to progress open claims made against Resolute, which the Company maintains are unsubstantiated̶1;.
Today’s announcement confirms that the company “has followed all official processes with respect to its affairs and has provided the authorities with detailed responses to all the claims made”.
“The Company is in regular communication with the three detained employees who remain held at the Economic and Financial Centre of Bamako … [and confirms that its] … employees are being treated well and continue to receive support on the ground from the UK and International Embassies and Consulates”.
Resolute Mining operates the Syama Mine in Mali which produces over 300koz pa of gold.
The new 2023 mining code was developed before the recent battle with Tuareg rebels in July where dozens of Wagner mercenaries were killed.
But we wonder if the recent drive by the Malian authorities to shore up their finances bears some connection to this event and to the need to better protect Mali from insurgents to the north of Bamako.
Conclusion: We have known Terry for many years and know he would have done nothing to provoke detention.
Detention appears to be part of the negotiating process by the Malian military junta with four Barrick Gold execs also previously detained.
We suspect the government is looking to increase its share of the Syama gold mine to 35% from 20% for relatively modest compensation given the value of the gold mine.
We hope for a speedy resolution and release of Resolute Mining’s staff. |
They took their cue from France arresting Pavel Durov to pressure him to give them access to Telegram. |
Pwhite although I do agree with what you have said, I think its going to be a precarious time for a lot of mining companies - |
hxxps://www.newsday.com/news/nation/mali-resolute-mining-gold-a56613
Mali detains top executive and 2 others from an Australian gold mining company over dispute
By The Associated Press
November 11, 2024 2:55 am
Share
YAOUNDE, Cameroon — The military junta in Mali has arrested the top executive and two other employees of Australia’s gold mining company Resolute Mining while they were visiting the country for talks over an unspecified dispute, the company said Monday.
The three – including the chief executive Terence Holohan – were detained last Friday in Mali's capital of Bamako.
Andrew Wray, the company’s non-executive chairman, said in a statement published on Resolute Mining's website that the three officials were “unexpectedly detained” after a discussions about “claims made against" the company, without elaborating. |
Mali wanting to improve the terms and conditions of foreign investment in their natural resources is one thing. Jailing foreign executives until they comply is another. The RSG executives detained should negotiate NOTHING. |
Geopolitical issues is just beginning imo -
This won't be the last - |
Believe Barrick who are a significantly bigger force had to give up another 10% to Mali in their negotiations
Mali may want 35% of RSG as part of Mali’s revised mining code, which allows the government to acquire up to 35% of foreign-run mining projects |
Not possible they nationalise mines need constant investment which is not what is required, the plan is to appropriate as much as possible without any investing.
Bought in this morning as at least RSG has professional management. |
Now joins the others in the portfolio currently under water. Tough right now |
Still has a huge market cap - this could get nasty very quickly. |
At least someone is holding these con men to account. |
Classic strong arm play, they want more money and a greater slice. They can't just nationalise it, but they might end up doing so. |
Obviously not great news, but will create a perfect buying opportunity for those who time the bottom and catch the inevitable strong bounce back. The Mali issue will be resolved in the usual manner. The share was already oversold prior to the latest news. |
Shhxxps://www.smh.com.au/business/companies/australia-s-resolute-mining-ceo-executives-detained-in-mali-20241110-p5kpco.htm.
should say 'detainings' rather than 'arrests' in the above. Same difference arguably. |
Not surprising given news of the CEO's, plus 2 others', arrests in Mali on Friday. |
has this now fallen through the uptrend ? |
making progress if a little bumpy qtr. |
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15-minute Q&A after each presentation
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"Standard Chartered analyst Suki Cooper expects further upside risk in the coming weeks. The bank sees gold averaging $2,800 an ounce in the fourth quarter, with prices set to average $2,900 for the first three months of next year.
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What an amazing "Bowl" formation.
This should be interesting/information.
Resolute currently on a roll.
Webcast Registration Link: hxxps://brrmedia.news/RSG_Q3_24
Typed in questions can be submitted through the webcast
Those wishing to ask questions as part of the Q&A should use the conference call facility (please join five minutes prior to the start time).
Tuesday 29th October |
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Cheers......have seen it now. |
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