Since the CEO was running the company at the time, any failings on its part are his responsibility. I expect he'll get a chunk of whatever cash they have left because they're all thieves together, but on the face of it the idea he could sue them for his own management failures is preposterous. |
This seems to indicate I may be correct.....
"with immediate effect"
"The Company and Terry are discussing the terms of a proposed settlement" |
 The outgoing CEO could potentially make a substantial claim against the company for personal injury and mental health issues if they can establish that the company was negligent or failed in its duty of care. The key factors in such a claim would include:
Duty of Care – The company must have had a legal duty to ensure the safety and well-being of its employees, including the CEO, while they were working in Mali.
Breach of Duty – If the company failed to provide adequate security, risk assessments, crisis management, or support in response to known threats, this could constitute a breach of duty.
Causation – The CEO would need to prove that the imprisonment and threats directly resulted from the company’s negligence rather than unrelated factors.
Damages – The CEO must demonstrate the extent of the harm suffered, including physical injury, psychological trauma (e.g., PTSD, anxiety, or depression), and financial losses related to medical treatment or inability to work.
If the company was aware of security risks in Mali but failed to take reasonable steps to mitigate them, the CEO could have a strong case. Legal avenues might include a personal injury claim, a workplace health and safety complaint, or even a contractual dispute if the company failed to uphold its obligations regarding employee protection. |
Are you suggesting collusion between TH and Mali, taking turns to roll the company over? |
I'd say there'll be a big payout to Holohan after being imprisoned and possibly rapped and threatened with being eaten on a BBQ by the Junta.
Is he going to play on his experiences in a Mali prison and drag it through the courts for a big pay day?
If so nice move Mr Holohan |
"Resolute Mining ("Resolute" or "the Company") (ASX/LSE: RSG) advises that Mr Terry Holohan is leaving his position as CEO and Managing Director, and as a Director of the Company, with immediate effect. The Company and Terry are discussing the terms of a proposed settlement in connection with his termination of employment." |
I expect Mali-Barrick will produce a similar result to Mali-RSG. |
Not the best update, RSG looks cheap, but it's cheap for a good reason.
Net cash of $66.3 million ($145.6 million in Q3 2024), including cash and bullion of $100.5 million and drawn overdraft balances of $34.2 million. Reduction in cash reflects the settlement payments in Q4 totalling $160 million to the Government of Mali
Full-year group gold production of 340 koz (FY2023: 331 koz) slightly below guidance
Group 2024 All-In Sustaining Costs (AISC) of $1,476/oz (2023: 1,470/oz) is above guidance |
And if the government hear that you're buying up other companies and assets they'll start wondering if they asked for enough, perhaps they'll call you in for another talk. |
backmarker other miners in Mali will be trading at distressed valuations after this cash grab so it wouldn't take much money to grab them. Besides a lot of mining explorers are trading at absurd valuations. |
Does RSG have much cash right now? My impression was that settling Mali used up pretty much all our cash by end 2024.Going forward I believe that we are still cash generative. Presumably the upcoming presentation will clarify our position and options. |
If i were RSG I would look at buying a couple other mining companies with proven resources now that explorers are still cheap. |
the only positive - if there can be a positive - is that Malian assets will be cheap for the taking - so other exploration companies with proven reserves will be cheap to take out if RSG wants. |
Discussions with the government sound good. That's the government of Mali. |
Report $188m in cash and bllion in Mali and expet to have it stolen. Greed is taking over in the gold mining small cap secteor now that the glod price is rising. SHG, HUM, CEY, RSG? and soon EDV?
end of H1 2024
Net cash increasing to $96.6 million (H1 2023 net debt of $17.2 million) with cash and bullion at 30 June 2024 of $143.4 million
Final $25.0 million of Group loan facility repaid; Company borrowings of $47.5 million consisting of in-country overdraft facilities in Mali and Senegal
Q3 2024
Net cash of $145.6m ($96.6m in Q2 2024), including cash and bullion of $188.3m
18-Nov-2024
Resolute has made an initial settlement payment of approximately US$80 million to the Government from existing cash reserves1, with future payments of approximately US$80 million to be made in the coming months from existing liquidity sources
29-Nov-2024
payment of approximately US$50 million to the Government of Mali from existing cash reserves. The remaining payment of approximately US$30 million is anticipated to be paid by the end of 2024 from existing liquidity sources
Discussions with the Government of Mali are ongoing to clarify points of the Protocol. Further details around the specifics of the Protocol will be provided in due course. |
see this
Mali is a difficult jurisdiction but there are also opportunities. Work costs are low plus this crackdown opens up opportunities for companies willing to brave it out. For instance they can pick up exploration companies in Mali with proven reserves at bargain prices. |
right but at the end of the day companies like Centamin were giving 50% of earnings to the government. |
If you put the strongarm tactics to one side it may be that in financial terms what has happened in Mali is a bit like an ongoing windfall tax.But the very use of those tactics underlines the inherent dangers and instability of doing business in this part of the world. |
Disappointing news this morning - I do wonder whether he will wish to return in January or whether time away will convince him that there is more to life than being locked up for two weeks in Mali - certainly the operation requires his guidance with boots on the ground not remote managing from another continent. So reluctantly I am out |
The junta are getting more greedy as the gold price rises.
‘in 2025 the Syama Mine will migrate to the newly decreed 2023 Mining Code. Key changes include an increase in corporate income tax from 25% to 30%, and the removal of fuel duty exoneration. Royalties to the government are to be based on a sliding scale (noted in the Q3 2024 Activities Report and which Resolute has been paying since July 2024); at a gold price exceeding $2,500/oz the royalty rate is 10.5%.The government of Mali will hold a 20% preference share interest, and the remaining 80% interest in Syama will continue to be held by Resolute's subsidiary as an ordinary share interest’ |
this sounds good
'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 Malian Government together with all its stakeholders.' |
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
Hot Features
Premium
