Resolute Mining to sell Ghana mine to Asante Gold for US$90 million

Resolute Mining Site

Australian Gold miner Resolute Mining Ltd has entered into an agreement to sell the Bibiani Gold Mine in Ghana to Asante Gold Corporation for US $90 million.

It follows approval by the Ministry of Lands and Natural Resources Minister Samuel Abu Jinapor.

The sale comes months after China’s Chifeng Jilong Gold Mining cancelled a deal to buy the mine, saying it had not received timely information about the termination of a mining lease.

A statement issued by Resolute Mining Ltd on Thursday (5 August) said “Resolute Mining Limited (Resolute or the Company) (ASX/LSE:RSG) is pleased to announce that it has agreed to sell its interest in the Bibiani Gold Mine (Bibiani) to Asante Gold Corporation (Asante) for total cash consideration of US$90 million.

“Resolute and Asante are committed to ensuring an orderly transition of ownership at Bibiani. Asante is dedicated to injecting the necessary capital to achieve the rapid restart of Bibiani, which is not expected to result in any immediate changes to employment or contract relationships.” It added

Resolute Mining Ltd , which had acquired Bibiani in 2014, and also operates the Syama gold mine in Mali and the Mako gold mine in Senegal, said it would use $30 million of the proceeds to repay debt.

Below is the full statement

Fred Dzakpata

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