Mali's $160M Mining Shakedown: CEO's Freedom Hangs in Balance

Bamako, Monday, 18 November 2024.
In an unprecedented corporate standoff, Resolute Mining agrees to pay $160 million to Mali’s government while its CEO and two executives remain detained in Bamako. The settlement, exceeding the company’s cash reserves, highlights escalating risks for international mining operations in West Africa. Despite the payment, operations at the Syama Gold Mine continue unaffected, though company shares plummeted 14.3% on the news. This case follows a pattern of Mali’s military government pressuring foreign mining companies, as demonstrated by similar actions against Barrick Gold, signaling a shifting power dynamic in Africa’s resource sector.