Australia’s Resolute Mining to sell its Bibiani mine for US$90 million
This is the second attempt to sell the Bibiani mine after China’s Chifeng Jilong Gold Mining cancelled a deal to buy the mine
Australian gold miner Resolute Mining Ltd said on Thursday (5 August) it would sell its Bibiani mine to Canada’s Asante Gold Corp for US$90 million.
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.
Resolute Mining shares rose 4.5% to A$0.58 in early trade.
The deal had been approved by Minister of Lands and Natural Resources and is expected to be completed in the next 10 days, Resolute Mining said in a statement.
The Australian miner, 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 US$30 million of the proceeds to repay debt.
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