Resolute Mining lease restored after taken by Ghanian gov't
(Kitco News) - Resolute Mining said Wednesday that the lease had been restored for its Bibiani Gold Mine after it had been revoked by the Ghanian government.
Last month Resolute Mining (ASX:RSG) lost its lease. In December, Resolute sold its Bibiani operation to Chifeng Jilong Gold Mining 600988.SS for $105 million.
Resolute Mining published a news release about the terms of the settlement with the African nation. The Ghanaian government does not recognize the purported sale or transfer of the Bibiani Gold Mine to Chifeng Jilong Gold Mining, and any future sale of the mine to a third party requires the prior approval of the Ghanaian government.
Resolute acquired Bibani in 2014. An updated 2018 feasibility study said Bibiani has the potential to produce ~100,000oz per annum at a Life-of-Mine All-In Sustaining Cost of US$764/oz over 10-year mine life.
Resolute Mining's shares were up 14% to 54 cents.