Resolute Mining CEO Terence Holohan and two other employees of the Australian company were still being detained in Mali on Thursday, two diplomatic sources there told Reuters. Resolute said on Sunday that Holohan and the two other employees had been temporarily detained by government officials in the military-led West African country.

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.

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.

Chief Executive Terence Holohan and two other employees have been detained by government officials in Mali, where the Australian company runs gold-mining operations.

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.