Resolute Mining shares plunge as CEO detained in Mali
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The news: Shares in Resolute Mining plunged at market open on the ASX after the mining group confirmed that its CEO Terence Holohan and two other employees have been detained in Mali by government officials.
The numbers: Resolute shares were 26.9% lower at 49 cents at 11am AEDT.
Resolute, listed on the ASX and LSE and valued at under $1.5 billion, holds an 80% stake in the Syama gold mine, with the Malian government owning 20%.
The context: Resolute said its executives were in Mali's capital Bamako to hold discussions with the mining and tax authorities regarding "general activities related to Resolute's in-country business practices".
The executives were also there "to progress open claims made against Resolute, which the company maintains are unsubstantiated".
Following the conclusion of these meetings on Friday, the three employees were "unexpectedly detained", according to Resolute.
The company is in regular communication with the three detained employees, who are being held at the Economic and Financial Centre of Bamako. The employees are being "treated well", Resolute said, and continue to receive support on the ground from the UK and international embassies and consulates.
The source: ASX announcement
