KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Key Takeaway: Resolute Mining Ltd has agreed to a $160 million settlement with Mali's government to resolve a tax dispute and secure the release of its detained CEO and two employees.
Resolute Mining Ltd (RSG.AU), an Australian gold miner, announced it will pay $160 million to Mali to settle claims related to taxes, customs levies, and offshore account management. The settlement includes an initial payment of $80 million, with the remaining $80 million to be paid in the coming months from existing liquidity sources.
Details of the Settlement:
- The memorandum of understanding resolves current claims and establishes a framework for further negotiations on the long-term future of Resolute's operations in Mali.
- Operations remain unaffected, and site activities continue as normal.
- Further details will be disclosed once the final documentation is completed.
CEO and Employee Detention:
- CEO Terence Holohan and two other employees were detained in Bamako, Mali, earlier this month during discussions with mining and tax authorities.
- Resolute stated that they remain safe, supported by U.K. and international consulates, and efforts to secure their release are ongoing.
Context:
- Mali, under a military junta, introduced new mining rules to increase its share of mineral wealth.
- Resolute follows Barrick Gold’s example, which recently paid Mali $85 million in a similar negotiation.
- The backdrop includes a record high gold price, which reached its peak last month before the U.S. elections.
Resolute’s commitment to resolving the dispute highlights the challenges miners face in resource-rich but politically complex regions. The company’s ongoing talks with Mali’s government will determine the future stability of its operations in the country.
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