🎬Tactical fundraising

CURRENCIES

CONFLICT
Mali’s unorthodox approach to raising money

Mali’s cash-strapped military government has drawn a new and innovative playbook to raise money— strong-arming large payments from its few remaining investors. An Australian mining company, Resolute Mining, has agreed to pay Mali's military government $160m to settle a tax dispute after the company's British boss and two other staff were unexpectedly detained 10 days ago.

No, it’s not what you think

The arrest of the Resolute Mining executives and the charges of forgery and damaging public property levied against the company have been interpreted as part of the junta’s broader effort to extract more income from international mining companies, in a desperate attempt to keep up with the growing costs of fighting insurgency in the country.

Old playbook, new actors. Other struggling African countries have resorted to similar tactics in the past.

• In 2017, the then-Tanzanian President, John Magufuli levied a $190 billion tax on Acacia Mining following allegations of tax evasion. At the time the mining company was worth only $800 million.

• Oil major Exxon reached an undisclosed settlement with Chad in 2017 after the country levied a $74 billion fine related to a tax dispute.

Resolute, which made a profit of only $66 million in its past financial year, has since committed to an initial payment of about $80 million to Mali’s government, promising to pay the rest later.

Zooming out: Many experts view this approach as part of Mali’s efforts to regain control over its natural resources. It recently increased the shareholding of the state in mines operated by foreign companies from 20%-35%.

Although…Resolute Mining is probably the first of many casualties, with the world’s second-largest gold producer, Barrick Gold currently embroiled in a face-off with the government over the same issue. -EA

DIGITS
Grammy history

99: Total Grammy nominations earned by Beyoncé, making her the most-nominated musician in Grammy history. This includes 11 nominations this year alone, with “Cowboy Carter” up for both album and country album of the year.

Beyoncé’s foray into country has been a critical and commercial success: 

• When “Cowboy Carter” dropped in March, it achieved 76m+ streams on Spotify on its first day — the most-streamed album in a single day in 2024.

• It sparked an interest in country music, with one study finding 33%+ of Gen Z respondents started listening to country music as a result.

• In July, months after its release, sales popped 1.6k%+, driven by the release of a deluxe edition on vinyl

Fun fact: The second-most nominated artist is Beyoncé’s husband, Jay-Z, with 89.

SHOWER THOUGHTS

NEWS
Round the continent

• South Africa has been appointed to the presidency of the G20 group of countries. The handover from Brazil was completed at the end of the G20 Summit in Rio, Brazil.

• Ghana has surpassed Nigeria in the misuse of B1/B2 visas, according to a newly released report from the US government.

• Somaliland’s opposition leader, Abdirahman Cirro, has won the region’s presidential election. He was declared winner with 64% of the popular vote.

• Nigeria’s government has unveiled a 47.9 trillion naira ($28 billion) budget for 2025 — more than 60% higher than this year’s spending plan.

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