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RSG - Resolute Mining News Story

30.45p -2.4  -7.2%

Last Trade - 11/05/21

Basic Materials
Small Cap
Market Cap £327.5m
Enterprise Value £479.4m
Revenue £427.0m
Position in Universe 707th / 1828

Resolute Mining Ltd - Update on Sale of Bibiani Gold Mine to Chifeng

Mon 19th April, 2021 1:18pm
RNS Number : 9189V
Resolute Mining Limited
19 April 2021

19 April 2021


Resolute Mining Limited

(Resolute or the Company)



Update on sale of Bibiani Gold Mine to Chifeng


Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG) advises that Chifeng Jilong Gold Mining Co. Ltd (Chifeng) has provided notice to Resolute that it has terminated the sale agreement for the Bibiani Gold Mine (Agreement).

Resolute and Chifeng entered into the Agreement in December 2020 (refer to ASX announcement dated 15 December 2020).  By ASX announcement dated 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 (Minister), the Mining Lease for the Bibiani Gold Mine stood terminated.  By ASX announcement dated 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Chifeng has advised Resolute that it has terminated the Agreement on the grounds that the mining lease has been revoked or terminated or the validity or legality of the mining lease has been materially impacted, that Resolute must refund the deposit of US$5 million (and any accrued interest) to Chifeng within five business days of the termination and that Chifeng has reserved all of its rights.

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. 


 For further information, contact:


Stuart Gale, Interim CEO

Telephone: +61 8 9261 6100




Berenberg (UK Corporate Broker)

Matthew Armitt / Detlir Elezi

Telephone: +44 20 3207 7800

Tavistock (UK Public Relations)

Jos Simson / Emily Moss / Annabel de Morgan / Oliver Lamb

Telephone: +44 207 920 3150 / +44 778 855 4035



Authorised by Mr Stuart Gale, Interim CEO


About Resolute

Resolute is a successful gold miner with more than 30 years' experience as an explorer, developer and operator of gold mines in Australia and Africa which have produced more than 9 million ounces of gold. The Company trades on the Australian Securities Exchange (ASX) and the London Stock Exchange (LSE) under the ticker RSG. Resolute currently operates the Syama Gold Mine in Mali and the Mako Gold Mine in Senegal.


This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 which forms part of UK law pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via a Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.


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