REG - Resolute Mining Ltd - Company Update Regarding Mali

Resolute MiningAnnouncement

18/11/2024 07:00

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RNS Number : 5861M  Resolute Mining Limited  17 November 2024

18 November 2024

 

Update in Relation to Negotiations with Malian Government and update on
Employees being Detained in Mali

 

Resolute Mining (Resolute or the Company) (ASX/LSE: RSG) confirms that, in the
context of ongoing discussions with the Government of Mali, it has executed a
memorandum of understanding expressed as a protocol (the "Protocol").

The signing of the Protocol sets the framework for further detailed
discussions with the Government regarding the long-term future of the
operations in Mali, including migration of the Company's assets in Mali to the
2023 Mining Code and maintaining the safety of the Company's employees.

The Protocol also provides that all outstanding claims by the Government
against the Company, including those related to tax, customs levies,
maintenance and management of offshore accounts are settled.  Pursuant to the
Protocol, Resolute has made an initial settlement payment of approximately
US$80 million to the Government from existing cash reserves(1), with future
payments of approximately US$80 million to be made in the coming months from
existing liquidity sources.  Further details on other elements of the
Protocol and the impact of their implementation will be provided following
further legal and financial analysis together with the finalization of
documentation.

Resolute further confirms that it is working with the Government on the
remaining procedural steps for the release of the three employees, including
the Company's CEO, Terence Holohan, who were recently detained in connection
with these matters. They remain safe and well and continue to receive support
on the ground from the UK and International Embassies and Consulates. The
Company notes that operations on site continue as normal and have not been
impacted.

The Company confirms that the ASX trading halt has been lifted.

 

 

Authorised by Andrew Wray, Non-Executive Chairman

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)At 31 October 2024 the Company has total cash and bullion of US$196
million, net cash of US$157 million

 

Contact

 

 Resolute                                               Public Relations

 Matthias O'Toole Howes,                                Jos Simson, Tavistock resolute@tavistock.co.uk

                                                      (mailto:resolute@tavistock.co.uk)
 Corporate Development and Investor Relations Manager

                                                      +44 207 920 3150
 Matthias.otoolehowes@resolutemining.com

 (mailto:Matthias.otoolehowes@resolutemining.com)       +44 778 855 4035 (available 24 hours)

 +44 203 3017 620

                                                        Corporate Brokers

                                                        Jennifer Lee, Berenberg

                                                        +44 20 3753 3040

                                                        Tom Rider, BMO Capital Markets

                                                        +44 20 7236 1010

    Resolute Mining Limited ABN 39 097 088 689

    Level 17, 2 The Esplanade, Perth, Western Australia 6000

 

 

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