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Resolute Mining complete sale of Bibiani Gold Mine

Published by , Editor
Global Mining Review,

Resolute Mining Limited has confirmed the successful completion of the sale of the Bibiani Gold Mine in Ghana to Asante Gold Corp. for total cash consideration of US$90 million.

Resolute has received the initial US$30 million cash payment from Asante with the balance of consideration payable in two equal instalments of US$30 million on or before six- and 12-months following completion.

The sale of Bibiani was undertaken as part of Resolute’s strategic focus on its core operating assets and to strengthen the balance sheet. The initial cash receipt of US$30 million will be applied to the voluntary early repayment of debt. No material tax implications are expected following the completion of the transaction.

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African mining news Gold mining news