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Resolute Mining

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Resolute Mining Limited
Company typePublic
IndustryMining
FoundedJune 8, 2001; 23 years ago (2001-06-08)
Headquarters
Perth, Western Australia
,
Australia
Key people
Andrew Wray (Chairman)
Terry Holohan (CEO)
Chris Eger (CFO)
Websitewww.rml.com.au

Resolute Mining Limited is an Australian mining corporation focused on mining operations in Africa. It is currently operating two gold mines: the Syama Gold Mine in Mali and the Mako Gold Mine in Senegal.

History

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On June 8, 2001, Resolute Mining Limited was incorporated. It was the successor to Resolute Limited. On June 22, Resolute Limited underwent corporate reorganization via a scheme of arrangement where 100% of Resolute Limited was acquired by Resolute Mining Limited. Resolute Limited was originally incorporated on June 22, 1983, under the name Samantha Exploration NL.[1] Samantha Exploration NL changed its name to Samantha Gold NL in January 18, 1990.[2] In 1994, Samantha Gold took over its parent company Resolute Resources NL.[3] The company was then renamed to Resolute Samantha Limited on July 21, 1995.[4] Resolute Samantha merged with Associated Gold Fields NL in January 1996 after a friendly takeover, acquiring its Obotan mine.[5] In November 1996, Resolute Samantha would rename itself to Resolute Limited.[6]

In January 2004, Resolute Mining bought the Ravenswood Gold mine from Xstrata for US$45 million.[7] In July 2004, Resolute bought the Syama Gold Mine in Mali from Randgold Resources for US$6 million.[8] In December 2013, Resolute Mining bought the Bibiani gold project in Ghana from Noble Mineral Resources, taking full ownership of the project in 2014, after approval from government of Ghana.[9] Resolute Mining divested its remaining assets and interests in Tanzania in 2015, following the closure of its Golden Pride Gold Mine in 2013.[10] In 2019, Resolute Mining acquired Toro Gold, and its Mako Gold Mine in Senegal, for US$305 million.[11][12] In 2020, Resolute sold the Ravenswood Gold mine to a private equity firm, EMR Capital Management, and Singapore-based mining company, Golden Energy and Resources. With the sale of Ravenswood, Resolute's remaining mines were now only in Africa.[13] Resolute also attempted to sell the Bibiani Gold Mine to China-based Chifeng Jilong Gold Mining for US$105 million.[14] However, the deal was cancelled by Chifeng Jilong after the government of Ghana cancelled Resolute's lease for the Bibiani mine in 2021.[15] Bibiani would be sold in August of that year to Canada-based Asante Gold for US$90 million.[16]

On November 8, 2024, the Malian government detained three executives of Resolute Mining, including its chief executive officer, Terry Holohan.[17] The government of Mali alleged that Resolute Mining owed the government 100 billion CFA francs in back taxes. The employees had been in the Malian capital of Bamako, to meet with representatives of the Malian government to come to a resolution.[18] Following the detention of Resolute's employees, the Australian Securities Exchange halted the trading of Resolute's shares, as requested by Resolute.[19] On November 18, Resolute agreed to pay the military government the demanded money.[20]

Operations

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Current

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Former

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References

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  1. ^ "Admission to the standard listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's Main Market for listed securities of 1,024,736,765 ordinary shares of the Company with no par value" (PDF). Resolute Mining Limited. Retrieved November 17, 2024.
  2. ^ "SAMANTHA EXPLORATION NL (ASX.SAM) | InvestoGain Australia". InvestoGain Australia. Retrieved November 17, 2024.
  3. ^ Dixon, Mark (December 1, 1994). "RESOLUTE RESOURCES TAKEOVER NOW MERELY A FORMALITY, SAYS SAMANTHA". Australian Financial Review. Retrieved November 17, 2024.
  4. ^ "Official List". Australian Financial Review. July 24, 1995. Retrieved November 17, 2024.
  5. ^ Howarth, Ian (January 30, 1996). "New rush for gold shares as Resolute and AGF merge". Australian Financial Review. Retrieved November 17, 2024.
  6. ^ Dixon, Mark (November 22, 1996). "Resolute hits exceed expectations". Australian Financial Review. Retrieved November 17, 2024.
  7. ^ "Resolute buys Xstrata's Ravenswood for $58m". The Sydney Morning Herald. January 14, 2004. Retrieved November 17, 2024.
  8. ^ "Resolute buys out Randgold at Syama". The Northern Miner. July 5, 2004. Retrieved November 19, 2024.
  9. ^ Iannucci, Esmarie. "Resolute gains hold of Bibiani gold project". Mining Weekly. Retrieved November 17, 2024.
  10. ^ Wyngaardt, Megan van. "Resolute exits Tanzania". Mining Weekly. Retrieved November 17, 2024.
  11. ^ "Australia's Resolute Mining to buy Toro Gold for $274 mln". Reuters. July 31, 2019. Retrieved November 17, 2024.
  12. ^ "Acquisition by Resolute Mining Ltd | ToroGold Limited". Toro Gold. Archived from the original on July 31, 2019.
  13. ^ Lepan, Nicholas. "Resolute sells Ravenswood to focus on Africa". The Northern Miner. Retrieved November 17, 2024.
  14. ^ Jamasmie, Cecilia. "Resolute Mining sells Bibiani to Chinese group". The Norther Miner. Retrieved November 17, 2024.
  15. ^ "China's Chifeng Jilong walks away from deal to buy Ghana gold mine". Reuters. April 19, 2021. Retrieved November 17, 2024.
  16. ^ Iannucci, Esmarie (August 5, 2021). "Resolute strikes deal at Bibiani". Mining Weekly. Retrieved November 17, 2024.
  17. ^ Letts, Stephen; Littler, Ruby (November 11, 2024). "Mining executives held captive in Africa 'being looked after', WA premier says". ABC News. Retrieved November 17, 2024.
  18. ^ Gross, Sybilla; Clowes, William; Hoije, Katarina (November 14, 2024). "Resolute Shares Suspended After Mali Demands $160 Million". Bloomberg. Retrieved November 17, 2024.
  19. ^ Hook, Leslie; Wright, Robert (November 14, 2024). "Resolute Mining's Australian shares suspended pending announcement". Financial Times. Retrieved November 17, 2024.
  20. ^ Maclean, Ruth; Jammeh, Saikou; Peltier, Elian (November 18, 2024). "Mining Company Whose C.E.O. Was Detained Agrees to Pay Mali $160 Million". The New York Times. Retrieved November 19, 2024.
  21. ^ "Syama, Mali". Resolute Mining. Retrieved November 17, 2024.
  22. ^ "Mako, Senegal". Resolute Mining. Retrieved November 17, 2024.
  23. ^ "Obotan". Resolute Mining Limited. February 23, 2003. Archived from the original on February 23, 2003. Retrieved November 17, 2024.
  24. ^ "Operations: Australia". Resolute Mining. Archived from the original on March 2, 2016.
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