View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
December 16, 2020updated 02 Nov 2021 8:16am

Resolute Mining to sell Bibiani Gold Mine in Ghana for $105m

Africa-focused miner Resolute Mining has signed a binding agreement to sell the Bibiani Gold Mine in Ghana for $105m.

Africa-focused miner Resolute Mining has signed a binding agreement to sell the Bibiani Gold Mine in Ghana for $105m.

Free Whitepaper
img

Mining Mega Trends and Their Impact to your Organisation's Resilience

Numerous mega trends are impacting the mining industry, making an effective resilience program more important than ever to ensure that operations continue as intended. From ESG considerations, through to the use of advanced technologies such as Internet of Things devices, AI, and digital twins, as well as workplace safety, volatility in commodity markets, and the spectre of Covid-19 still looming. Each mega trend has a different impact that needs managing correctly, with a one-size-fits-all approach insufficient. This white paper identifies the mega trends affecting mining businesses, while exploring the opportunities, risks, and implications for operational resilience, with expert insight from Dynamiq on the best practices and approaches to improve business outcomes. Download this document to learn more.  
by Dynamiq
Enter your details here to receive your free Whitepaper.

The mine will be acquired by Chijin International (HK), a wholly-owned subsidiary of Chifeng Jilong Gold Mining.

As agreed, Resolute will receive $5m deposit on signing the agreement and the remaining $100m on completion.

Resolute interim CEO Stuart Gale said: “Resolute is proud of its contribution to Ghana and pleased that our investments at Bibiani in exploration, feasibility studies, and community support will provide a strong base for future success and value creation. I am confident that Resolute’s positive legacy in Ghana, and the interests of all stakeholders in Bibiani, will be protected and enhanced under Chifeng’s ownership.”

“The transaction is consistent with our strategic focus on our core operating assets together with balance sheet improvement.”

The Bibiani mine is located in the western region of Ghana. Resolute acquired the mine in 2014 and placed it on care and maintenance for exploration activities. An updated feasibility study for Bibian was released in July 2018.

Currently, mineral resources at Bibiani comprise 21.7 million tonnes at 3.6 grams of gold per tonne for 2.5 million ounces of gold.

Once the deal is complete, Chifeng plans to invest necessary capital resume operations at Bibiani. The Chinese firm also plans to retain all existing local employees for future activities.

The deal is expected to close by March next year, subject to government approvals and other conditions.

In the quarterly period that ended on 30 September, Resolute Mining reported a 19% drop in production.

Related Companies

Free Whitepaper
img

Mining Mega Trends and Their Impact to your Organisation's Resilience

Numerous mega trends are impacting the mining industry, making an effective resilience program more important than ever to ensure that operations continue as intended. From ESG considerations, through to the use of advanced technologies such as Internet of Things devices, AI, and digital twins, as well as workplace safety, volatility in commodity markets, and the spectre of Covid-19 still looming. Each mega trend has a different impact that needs managing correctly, with a one-size-fits-all approach insufficient. This white paper identifies the mega trends affecting mining businesses, while exploring the opportunities, risks, and implications for operational resilience, with expert insight from Dynamiq on the best practices and approaches to improve business outcomes. Download this document to learn more.  
by Dynamiq
Enter your details here to receive your free Whitepaper.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Mining Technology