Terry Holohan
Rainmakers & Potstirrers

Terry Holohan

CEO: Resolute Mining

www.rml.com.au

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'We think we’re in a good position not only to grow organically but to look at the inorganic growth as well'

RESOLUTE Mining is a company transformed under CEO Terry Holohan, who is targeting medium to long-term production of just under 500,000 ounces a year from 331,000oz when he took up the company reins. Undoubtedly the gold price has come to the firm's assistance but Holohan has also imposed solid mining practices over Syama, the firm's flagship Mali mine. Construction of an oxide plant followed by a second-phase expansion could see the mine producing 400,000oz/yr. 

In Senegal, Holohan is hopeful of extending production at the Mako gold mine via Tomboronkoto, a satellite extension. Further afield, Resolute is firming up the feasibility of the Mansala project in Guinea while in Côte d’Ivoire, it has signed a joint venture to develop the La Debo Project. Holohan's approach is of the no-nonsense variety, such as moving the company's HQ to London from Australia. But the best example of Resolute's turnaround is on the balance sheet, where it built $250m in liquidity, having raised $60m in new debt and raising net cash from a modest $30m in January 2024 to nearly $180m. Unfortunately, that cash balance has been wiped out. 

On November 8, Mali government officials took Holohan and two employees into detainment following talks in Bamako relating to government allegations of unpaid tax – which the company had rejected. To secure their release, Resolute agreed to pay $160m to Mali's military junta. Taking hostages, which is effectively what happened to Holohan in his 10-day detention, is no way to do business. Whether Holohan remains committed to Mali, and by implication to Resolute, is a major question after the firm announced in December he had taken an absence of leave until January 31.

LIFE OF TERRY

Holohan joined Resolute in 2021 before taking up the leadership last year. He brings to bear an extensive 40-year career that started in the 1980s and 90s in the Zimbabwean and South African processing wheelhouses of Gencor, Impala Platinum and then Anglo American Platinum. From 2003, he was senior vice president at Ivanhoe Nickel and Platinum before leaving in 2006 to head exploration at the ill-fated Platmin. Then came a period in Asia before taking up the challenge at Resolute. He is a graduate of the University of Leeds.

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