Mali wins $160m in gold mining dispute after detaining British businessman

Australian mining company Resolute Mining has agreed to pay $160 million to Mali's military government to settle a tax dispute following the detention of its British CEO, Terry Holohan, and two other staff members.

The executives were arrested while en route to Bamako for what they believed were routine negotiations. Resolute will pay $80 million immediately, with the remainder to follow.

Mali’s military rulers have been targeting foreign companies in the mining sector, seeking a larger share of profits.

The executives’ release is contingent upon the payment and signing a memorandum of understanding.