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.
MMG’s Congo subsidiary has halted production at its Kinsevere copper mine until end-April 2021 to prepare for a switch to mining sulphide ore from oxide ore.
The production halt – effective Oct. 1 – affects the mine but not the processing plant, and MMG Kinsevere kept its 2020 production target unchanged at 68,000 to 75,000 tonnes of copper, the company said on Thursday.
The mine is transitioning from oxide ore to sulphide ore as the oxide ore reserves have been depleted, MMG Kinsevere said. The switch aims to extend the mine’s lifespan to 2030.
MMG Kinsevere said it guarantees no jobs will be cut due to the production halt.
(By Helen Reid; Editing by Louise Heavens)
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