Australian mine company to pay $160 million to Mali junta after 3 of its executives were detained [Yahoo! Finance]
Barrick Gold Corporation (BC) (GOLD)
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Source: Yahoo! Finance
a week after the company's CEO and two other executives were detained in the West African country. Earlier this month, the Australian gold mining company's CEO Terence Holohan and the two others were detained in Mali's capital Bamako on Nov. 8 as they were visiting the country for talks over an unspecified dispute. The government did not say why they were detained. Andrew Wray, the company's non-executive chairman, said in a statement published on Resolute Mining's website that all claims against the company made by Malian authorities, “including those related to tax, customs levies, maintenance and management of offshore accounts” are settled. The company will pay Mali $80 million from “existing cash reserves," with an additional payment of $80 million in the “coming months," he added. Resolute said the companies three executives were “safe and well,” and that it was working with Mali's authorities for their release. The Australian company has been working for years at Mali
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