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Chifeng terminates purchase of Bibiani gold mine from Resolute

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Global Mining Review,

Chifeng Jilong Gold Mining Co. Ltd has provided notice to Resolute Mining Ltd that it has terminated the sale agreement for the Bibiani Gold Mine.

Resolute and Chifeng entered into the sale agreement in December 2020. By 24 March 2021, Resolute advised that it had received a letter from the Ghanaian Minerals Commission advising that, on the instructions of the Ghanaian Honourable Minister for Lands and Natural Resources, the Mining Lease for the Bibiani Gold Mine stood terminated. On 14 April 2021, Resolute advised that the Minister had notified the company that the Mining Lease for the Bibiani Gold Mine has been restored.

Chifeng has advised Resolute that it has terminated the agreement on the grounds that the mining lease has been revoked or terminated or the validity or legality of the mining lease has been materially impacted.

Chifeng has also stated that Resolute must refund the deposit of US$5 million (and any accrued interest) within five business days of the termination and that Chifeng has reserved all of its rights.

According to a company statement, “Resolute will continue to consider all options for the successful development or sale of Bibiani and will provide further information in accordance with continuous disclosure requirements, as required.”

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