Resolute Mining Share Discussion Threads

[pwhite73] 18/11/2024 07:59

Those terms and conditions are still far more generous than in most countries.

[imnotspartacus] 18/11/2024 07:31

The word is extortion

[farrugia] 18/11/2024 07:28

screwed well and thoroughly i'm afraid! not only will they have to give the malian governnment up to 30 to 35% of their mines in Mali but they have to shell out $160 million making them skint to the bones.

[tomboyb] 18/11/2024 07:14

18 November 2024



Update in Relation to Negotiations with Malian Government and update on Employees being Detained in Mali





Resolute Mining (Resolute or the Company) (ASX/LSE: RSG) confirms that, in the context of ongoing discussions with the Government of Mali, it has executed a memorandum of understanding expressed as a protocol (the "Protocol").

The signing of the Protocol sets the framework for further detailed discussions with the Government regarding the long-term future of the operations in Mali, including migration of the Company's assets in Mali to the 2023 Mining Code and maintaining the safety of the Company's employees.

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. Pursuant to the Protocol, 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. Further details on other elements of the Protocol and the impact of their implementation will be provided following further legal and financial analysis together with the finalization of documentation.

Resolute further confirms that it is working with the Government on the remaining procedural steps for the release of the three employees, including the Company's CEO, Terence Holohan, who were recently detained in connection with these matters. They remain safe and well and continue to receive support on the ground from the UK and International Embassies and Consulates. The Company notes that operations on site continue as normal and have not been impacted.

The Company confirms that the ASX trading halt has been lifted.





Authorised by Andrew Wray, Non-Executive Chairman

[robizm] 15/11/2024 21:54

Sceptical investor I have shares in African miners and have never had a problem. Africa is a continent of over 50 different countries and some like Namibia and Botswana have excellent relations with miners. Mali has recently paid off all of their foreign debt which if they were pocketing the cash would be pointless. I don’t condone what they are doing as it cost me money but over the years have seen many sectors suffer from the US changing online gambling to the windfall tax.

[farrugia] 15/11/2024 18:58

people are so poor in Mali that people are cutting forests to cook. That's the kind of environment RSG is based in.

[tomboyb] 14/11/2024 14:01

Aussie gold miner faces $250m demand from Mali as CEO detained
Mali is demanding Resolute Mining pay up to resolve a tax dispute after its government detained the gold miner’s chief ...

hxxps://www.smh.com.au/business/companies/aussie-gold-miner-faces-250m-demand-from-mali-as-ceo-detained-20241114-p5kqjm.html

[scepticalinvestor] 14/11/2024 13:34

The perils of doing business in Africa

[farrugia] 14/11/2024 10:55

It is a DISASTER because we now know the junta can't be trusted to respect contractual agreements. They can simply ask what they want when they want! And what's even worse is that none of this money will benefit the local people. And this will bring investment from mining companies to a complete halt in Mali.

[tomboyb] 14/11/2024 10:47

14 November 2024



Response to Media Reports and Temporary Trading Halt on The Australian Stock Exchange









Resolute Mining (Resolute or the Company) (ASX/LSE: RSG) announces that following various articles published relating to the status of negotiations with the Government in Mali, a temporary trading halt by The Australian Stock Exchange has commenced. Resolute will provide further updates as and when appropriate.

[someuwin] 14/11/2024 09:13

...Not as bad as the 78% UK O&G companies have to to pay UK Gov.

[return_of_the_apeman] 14/11/2024 08:57

Only suspended in Australia

Looks like rsg will have to pay something now to get them released, but this may hang like a cloud for some considerable time - see Barrick below

[tomboyb] 14/11/2024 08:45

Down 20% =

There will more geopolitical issues as the world changes -

[jeanesy] 14/11/2024 08:43

i thought share trading here had been suspended ?!

[farrugia] 14/11/2024 08:30

from that article this quote is worrying

'Quoting sources, Bloomberg said Mali’s Government was arguing that Resolute — which operates the Syama gold mine — should pay $247m to settle a dispute mainly concerning alleged back taxes after a sector-wide audit.

The parties had been discussing a potential agreement that would see the company pay half that sum now and half at a later date, Bloomberg said.

Resolute has not commented publicly since Monday when it told shareholders that unspecified the claims against the company were “unsubstantiated” and that it was talking with Mali on a resolution.'


this is going to make Mali uninvestible!

[scepticalinvestor] 14/11/2024 08:26

All international aid to Mali shld be immediately halted

[farrugia] 14/11/2024 08:25

Resolute Mining share trading suspended amid talks on ‘$250 million demand’ from Mali

[someuwin] 13/11/2024 18:33

Mali Seeks $160 Million From Resolute After Detaining Gold CEO

[plasybryn] 13/11/2024 18:18

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.

[cat33] 12/11/2024 14:30

Jim's summary https://mining.beehiiv.com/p/jim-s-mining-letter-november-12-2024Worth reading - Resolute is not the only London company having officers detained

[plasybryn] 11/11/2024 11:56

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.

[zangdook] 11/11/2024 11:22

They took their cue from France arresting Pavel Durov to pressure him to give them access to Telegram.

[tomboyb] 11/11/2024 11:02

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 -

[tomboyb] 11/11/2024 10:59

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.