(Bloomberg) — Mali has released three Resolute Mining Ltd. executives after the African nation detained them in a tax dispute, Agence France-Presse reported, citing a judicial source and a local gold mine official.
The three executives, including Chief Executive Officer Terry Holohan, were freed from detention on Wednesday after Resolute struck a $160 million deal with the government, according to the report. The release came after the signing of a memorandum of understanding between the two parties, it added, citing the judicial source.
Resolute will make an announcement when there is an update to make and will not comment on speculation, a spokesperson for the company said Thursday. Shares climbed as much as 4.7% in Sydney on Thursday before paring gains. On Monday, Resolute said it had paid the Mali government an initial settlement of $80 million and would disburse the balance from “existing liquidity sources” in the coming months.
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