No 1 source of global mining news and opinion
Gold miner Resolute Mining Ltd finds itself at the center of a broad shakeup of regulatory regimes across West Africa following theMali’s military junta — crippled by sanctions and cut off from Western aid — is at the forefront of the push, aggressively pursuing both Resolute and Canadian giant Barrick Gold Corp., which has also had its employees detained andin recent months.
“We’re seeing it across Africa, especially in West Africa,” Chris Eger, Resolute’s chief finance officer, said on an earnings call last month. “It’s unfortunately the environment that we’re living in. As we’re generating a lot more cash because of the gold price environment, one of the, I think, unfortunate byproducts of it is that people are looking for possibly a bigger piece of the pie.”The moves have come as gold has soared.
The detention of Resolute’s boss Terry Holohan follows Mali’s audit of the mining industry and the adoption of new legislation for the sector that raises the state’s share in mining projects. Although producers including Resolute and Barrick negotiated so-called conventions with previous governments to run their projects, Mali’s junta is putting pressure on foreign firms after revising its mining law.
Next door, Niger’s military government has blocked France’s Orano SA from exporting uranium ore — which contributed to a breakneck rally in the mineral’s price following the ban. Meanwhile, Burkina Faso changed its mining code last year to ratchet up the state’s royalty share, Ivory Coast is changing its tax regime and Senegal’s new government is conducting an audit of the mining sector dating back to 2017.
While Resolute’s shares plummeted by a third on Monday, other mining companies active in Mali also suffered. Kodal Minerals Plc – which is building a lithium project in the country – fell as much as 13%.President Emmerson Mnangagwa said last month the government would introduce incentives to encourage mining companies to process their output locally.Rio Tinto and its former CEO are accused of defrauding investors by concealing problems developing the $5.3 billion Oyu Tolgoi mine.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Resolute Mining CEO, executives detained in MaliNo 1 source of global mining news and opinion
Read more »
Barrick CEO expects deal with Mali on new mining code by year-endNo 1 source of global mining news and opinion
Read more »
West Indies Beat West Indies By Eight Wickets Against Sri Lanka To Boost Their MoraleBy Mercy Kosgei It was the first ODI win for West Indies on Sri Lankan soil, since 2005 after 10 straight consecutive defeat and first win on the tour since fir
Read more »
Heather Hutt faces challenger Grace Yoo for LA City Council District 10 seatThe council member in this district represents Mid-City, West Adams, West Pico, Palms and Koreatown.
Read more »
Football: West Essex, behind Phillips’ big night, takes down West Morris in N2G3The Black Knights are onto the sectional final for a fourth straight year.
Read more »
Türkiye is resolute in eliminating terrorist threats — ErdoganPresident Erdogan reaffirms Türkiye's unwavering determination to eliminate any threats, both within and beyond its borders, while advancing its defence industry with a $100 billion portfolio, following last week's terrorist attack on TAI.
Read more »