Thomson Geer advised Resolute Mining Limited on the sale of its Bibiani Gold Mine to Chijin International Limited, a wholly owned subsidiary of Chifeng Jilong Gold Mining Co. Ltd for total cash consideration of $105m.
Based in Western Australia, Resolute Mining is a gold mining explorer, developer and operator of gold mines in Africa. The Company trades on the Australian Securities Exchange and the London Stock Exchange. Resolute currently operates the Syama Gold Mine in Mali and the Mako Gold Mine in Senegal.
Chifeng is an international gold mining company listed on the Shanghai Stock Exchange operating five mines, including the world class Sepon gold mine in Laos.
The binding agreement to sell the Bibiani Gold Mine, will see Resolute receive a $5m deposit on the signing of the agreement and the remaining $100m on completion.
The deal is expected to complete in March 2021.
Resolute interim CEO Stuart Gale said: “Resolute is proud of its contribution to Ghana and pleased that our investments at Bibiani in exploration, feasibility studies, and community support will provide a strong base for future success and value creation.”
“The transaction is consistent with our strategic focus on our core operating assets together with balance sheet improvement,” Mr Gale continued.
Thomson Geer partner Michael Ng said, “It has been a pleasure working with Resolute on this deal”.
The Thomson Geer team was led by partner Michael Ng with assistance from partner Scott Gibson, Ryan Gava and Sarah Urquhart.