Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
Ecuador’s Agency for Mining Control and Regulation ARCOM reported that illegal mining operations in the country went down by 60% during the period January-October 2019, compared to the same period in the previous year.
In an official document, the agency revealed that it carried out 418 campaigns aimed at dismantling illegal mining activities. Over 180 people were arrested and presented before the Attorney General’s office for prosecution.
Depending on the size of the operation, illegal miners could face anywhere between one and seven years in prison, as per Ecuador’s Integral Penal Code.
ARCOM also reported having seized 49 units of mining equipment and 628 tonnes of ore. The latter will be given to the National Mining Company to be processed and commercialized and the funds obtained from the sale will be delivered to the National Treasury.
