Australia's Resolute Mining said on Monday that it would pay $160-million to Mali's government to help resolve a tax dispute after the West African country detained its CEO Terence Holohan and two other employees this month.

The Australian miner agreed to settle a tax dispute as it seeks to secure the release of its chief executive and two other employees detained in the West African country.

Resolute Mining has inked an agreement to hand over the money to ensure the release of its chief executive and two staff being held by Mali’s military junta.

Barrick Gold (NYSE: GOLD) CEO Mark Bristow is confident about concluding negotiations with Mali’s junta-led government on a new mining code before the end of the year.

An Australian mining company, Resolute Mining, says it will pay Mali's military government $160m (£126m) to settle a tax dispute, after the company's British boss and two other staff were unexpectedly detained 10 days ago.

Resolute Mining has already paid $123 million to the government of Mali and promised to pay $123 million more after three employees were detained 10 days ago.