Resolute Mining CEO quits job in wake of Mali ordeal

Terry Holohan, CEO, Resolute Mining

TERRY Holohan, CEO of Resolute Mining, announced he will leave the company just two months after being released from detainment by the Mali government.

The UK-listed gold miner said in a statement on Monday Holohan’s departure will be with immediate effect. Discussions regarding a proposed settlement on employment termination were underway.

Acting CEO for Resolute, Chris Eger, will take up the position on a full-time basis, the company said. Acting CFO Dave Jackson has also been appointed on a full-time basis.

Holohan was held for 10 days in November just after concluding a meeting with Malian authorities intended to resolve a dispute over unpaid tax claims.

Resolute said at the time the claims were unsupported, but the company subsequently agreed to a $160m cash settlement with the Mali government shortly after Holohan’s release from detainment on November 27.

The payment was part of a protocol aimed at aligning Resolute’s mining leases with Mali’s recently legislated 2024 Mining Code.

Resolute ended 2024 with $101m in cash and bullion, according to a company update last month in which it also disclosed the agreement with Mali would add $250/oz to its all-in sustaining costs (AISC).

The new Mining Code hands Government preference shares and obliges Resolute to pay an annual “foundation payment”, aimed at fostering community development.

The departure of Holohan is a mighty blow for Resolute. Formerly the firm’s COO, Holohan brought operational nous to Resolute with a focus on restoring the efficiency of the firm’s Syama mine in Mali. Holohan “played an important role in the team that has improved operational performance across our business”, said Andrew Wray, Resolute’s chairman.

Eger previously held positions at Chaarat Gold, Nyrstar, Trafigura (in charge of mergers and acquisitions), Bank of America and BMO Capital Markets. He has a degree in physics from Colgate University and an MBA from the Kellogg School of Management at Northwestern University.

Commenting on its relationship with Mali last week, which has been ruled by a military junta since 2021, Eger said Resolute was “looking forward to understanding the impacts of the new mining code on the business.

“We have tried very much to re-engage the Government on the new mining code but the Government is still consumed in discussions with other mining companies so we have not engaged as we would like,” he said.

Jackson previously was at Endeavour Mining in various financial roles in Africa and London most recently as Vice President, Group Controller.