Resolute Mining Ltd. halted trading after Mali demanded the Australian gold miner pay about $160 million to resolve a tax dispute that’s seen its chief executive officer detained.

Mali is demanding Resolute Mining Ltd. pay about $160 million to resolve a tax dispute after the government detained the Australian gold producer’s chief executive, according to people familiar with the matter.

The military junta in Mali has arrested the top executive and two other employees of Australia’s gold mining company Resolute Mining while they were visiting the country for talks over an unspecified dispute,

Australian gold miner Resolute Mining confirmed on Sunday that the company's CEO Terence Holohan and two other employees have been temporarily detained by government officials in Mali.

Shares of Australian gold miner Resolute Mining plunged more than 30 per cent on Monday after the company said its chief executive Terence Holohan and two other employees had been detained in Mali. The Resolute executives were in the capital Bamako to discuss with officials “open claims made against Resolute” that the group “maintains are unsubstantiated”,

Resolute Mining (OTCPK:RMGGF) (OTCPK:RMGGY) -32% in Australian trading Monday, the most in 16 years, after three of its employees including CEO Terence Holohan were arrested by government officials in Mali.

Resolute Mining's shares fell by 32% on Monday, their worst trading day in 16 years, after top executives at the Australian gold mining company were detained as part of a crackdown on foreign firms in Mali.