Following the sale, Resolute Mining has issued updated guidance for 2020, forecasting gold production of 430,000oz at an all-in sustaining cost (AISC) of $980/oz. Image: Resolute Mining.

Australian miner Resolute Mining has completed the sale of the Ravenswood gold mine in Queensland, Australia to a consortium comprising a fund managed by resources private equity manager EMR Capital Management and Singapore-listed mining and energy company Golden Energy and Resources.

Resolute Mining received AUD100m ($60.9m) of upfront proceeds, with AUD50m in cash and AUD50m in promissory notes which earn a 6% coupon. The company also retains additional upside exposure to the mine through two further notes which may allow Resolute to claim up to AUD$200m in future.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

Following the sale, Resolute Mining has issued updated guidance for 2020, forecasting gold production of 430,000oz at an all-in sustaining cost (AISC) of $980/oz. The new guidance also accounts for disruption due to Covid-19.

Resolute Mining managing director and CEO John Welborn said: “The sale of our Ravenswood Gold Mine delivers on our objective of ensuring a new long-life future for Ravenswood while maximising value for Resolute shareholders. Settlement enables us to focus our attention and energy on our African portfolio and the abundant opportunities for further growth and value creation.”

“Ravenswood has been a strong performer for Resolute for more than 15 years. During this time Resolute has mined and processed over 40 million tonnes of ore and produced almost two million ounces of gold. I congratulate the Resolute team, both past and present, for our performance at Ravenswood. We are proud of our achievements in Queensland and the significant economic benefits we have provided to the local community, the government, and Resolute shareholders. We are confident Resolute’s legacy, and the interests of all stakeholders in Ravenswood, will be protected and enhanced by the new owners.”

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Mining Technology Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Mining Technology Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now