Resolute Mining Completes Sale of Gold Mine

The balance A$200 million will be paid, contingent on gold prices and future growth of the mine.

SEATTLE (Scrap Monster):  Australia-based Resolute Mining announced that it has completed previously announced sale of Ravenswood gold mine in Queensland, Australia to a consortium led by private equity management firm EMR Capital.

The sale was completed in accordance with the definitive agreement reached between both the parties in the month of January this year. Accordingly, EMR has made an upfront payment of A$100 million to Resolute Mining, which comprises of A$50 million in cash and A$50 million in promissory notes.

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The balance A$200 million will be paid, contingent on gold prices and future growth of the mine. Out of this, A$50 million will be subject to average gold price over a period of four years. The A$150 million will be linked to the outcome of the planned investments by EMR in the mine.

John Welborn, CEO and Managing Director, Resolute stated that the company has mined and processed over 40 million tonnes of ore and produced over 2 million ounces of gold in the past fifteen years. The company will now turn its primary focus to mines in the African region, Welborn added.

Further, the company upgraded its 2020 production guidance to 430,000 ounces at an AISC of $980 per ounce.

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