Melbourne, Australia – December 2024: Resolute Mining (ASX/LSE: RSG) has announced that its CEO Terry Holohan will be taking a leave of absence from 13 December 2024 until 31 January 2025 to spend time with his family. During this period, Chris Eger, the company’s CFO since February 2023, will assume the role of acting CEO. Additionally, Dave Jackson, the Group Financial Controller, will step into the role of acting CFO.
Management Appointments:
- Chris Eger: With over 25 years of experience in the natural resources and financial sectors, Chris has held senior leadership roles at Chaarat Gold, Nyrstar, Trafigura, Bank of America Merrill Lynch, and BMO Capital Markets. His deep knowledge of the business and leadership experience make him the natural choice for the acting CEO role during Terry’s absence.
- Dave Jackson: A Canadian Chartered Accountant, Dave has spent over a decade in the mining industry, including eight years at Endeavour Mining, where he held various financial roles, most recently as Vice President, Group Controller. Dave will take on the role of acting CFO during this period.
Mali Operations Update:
- US$30 million Settlement: The third and final settlement payment of approximately US$30 million to the Government of Mali is set to be made by the end of December 2024. This payment will come from the company’s existing cash reserves, with strong operating cash flow expected from Resolute’s assets moving forward.
- Engagement with the Government of Mali: Resolute is continuing to engage with the Government of Mali regarding the Protocol signed on 18 November 2024. As part of this agreement:
- The Syama Mine will migrate to the 2023 Mining Code starting in 2025, which includes changes such as:
- An increase in corporate income tax from 25% to 30%.
- The removal of fuel duty exoneration.
- Royalties based on a sliding scale, with a 10.5% royalty for gold prices exceeding $2,500/oz (as noted in the Q3 2024 Activities Report).
- The Government of Mali will hold a 20% preference share interest in the Syama Mine, while the remaining 80% interest will continue to be held by Resolute’s subsidiary as an ordinary share interest.
- Ongoing VAT refunds under the new Mining Code.
- The Syama Mine will migrate to the 2023 Mining Code starting in 2025, which includes changes such as:
CEO’s Comments:
Andrew Wray, Non-Executive Chairman of Resolute Mining, expressed support for Terry Holohan, wishing him well during his break. He added, “Chris and Terry are an excellent team overseeing the growth of the business, and given the recent challenges in Mali and his knowledge of the business, Chris is the natural person to lead the Company as acting CEO.”
Resolute Mining continues to provide updates as further details become available.
