Australia’s Resolute Mining said on Monday that it would pay $160-million to Mali’s government to help resolve a tax dispute after the West African country detained its CEO Terence Holohan and two other employees this month.
Resolute has made an initial payment of $80 million as part of the settlement from existing cash reserves and will make future payments of about $80-million in the coming months from existing liquidity sources, it said in a statement.
Resolute shares were down as much as 14.3% in early trading on Monday to A$0.345, the lowest since March 1.
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