PRECIOUS METALS

Resolute finds a buyer for Bibiani

Resolute Mining has sold its Bibiani gold asset in Ghana for US$90 million to a Canada-based company, with $30 million received and completion of the deal expected in the next 10 days.

Michael Quinn
Bibiani has been on care and maintenance for years

Bibiani has been on care and maintenance for years

The buyer is Asante Gold Corp, listed on the Canadian Securities Exchange and currently capitalised at about C$55 million.

Asante's board and management include former execs with PMI and Cardinal, with the company planning a co-listing of its shares on the Ghana Stock Exchange.

Resolute said the initial US$30 million payment would be applied to repayment of debt, which, as of June 30, stood at net $220 million.

Another $30 million payment from Asante is due six months from deal completion, while the final $30 million follows a further six-month period.

Resolute's previous attempt to sell Bibiani fell through when the prospective buyer - China's Chifeng Jilong Gold - pulled out after Ghana's minerals commission canceled the lease for the mine, even though it was subsequently restored.

 

 

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