Resolute Mining boss Terry Holohan exits after Mali detention ordeal
Resolute Mining chief executive Terry Holohan is leaving the gold miner less than three months after being released from detention in the African country of Mali.
Resolute Mining chief executive Terry Holohan is leaving the gold miner less than three months after being released from detention in Mali.
Mr Holohan and two colleagues were released in late November after the company agreed to pay the military junta that runs the West African nation almost $250m.
The three men spent almost two weeks in detention in what industry sources described as a shakedown of the miner by authorities in Mali.
Mali is embroiled in a political, security and economic crisis, and since 2012 has been battling al-Qa’ida and Islamic State armed groups, as well as a separatist insurgency in the north.
Resolute announced on Monday that it is discussing the terms of a proposed settlement in connection with Mr Holohan’s termination of employment.
Resolute did not comment on the reasons for Mr Holohan’s exit.
The company said in December that Mr Holohan would be taking a leave of absence from December 13 until January 31 to spend time with his family.
Chris Eger, currently acting chief executive, will formally assume the role and will also join the board.
Dave Jackson, currently acting chief financial officer, will formally assume the role of CFO.
Resolute chairman Andrew Wray said Mr Holohan, who had been chief executive since May 2022, had “played an important role in the team” that improved the company’s operational performance.
“We thank Terry for his contribution, and we wish him all the best for the future,” Mr Wray said.
“In Chris and Dave, we have a team who have worked closely with Terry over the last two years and have the expertise and knowledge to help realise the full potential of our assets.”
Resolute said Mr Holohan had played an important role in positioning its Syama gold mine in Mali for future growth.
Syama is owned by local subsidiary Societe des Mines de Syama in which Resolute has an 80 per cent interest and the government of Mali holds the remaining 20 per cent.
Resolute said in November that the executives had left Mali immediately after their release from the Economic and Financial Centre in the capital Bamako.
The payment is a significant issue for Resolute, which according to financial statements currently holds $US157m ($256m) in cash. Resolute, dual listed in London and on the ASX, has said it will pay the Malian government $US80m from “existing cash reserves”, with a further payment of $US80m in the “coming months”.
It is understood Resolute had been trying to settle a dispute with the authorities in Mali for about $75m but bowed to pressure in trying to secure the release of its employees. Gold heavyweight Barrick Gold paid out $US85m in securing the release of four of its executives in a similar incident.
Previously, Mr Eger held senior leadership positions at Chaarat Gold, Nyrstar, Trafigura, Bank of America Merrill Lynch and BMO Capital Markets.
Mr Jackson has been the group financial controller at Resolute since April 2023.
A chartered accountant, he worked at Endeavour Mining in various financial roles in Africa and London, most recently as vice president, group controller.
Resolute mining shares closed 9.6 per cent lower at 37.5c on Monday.