SMM12: China Chifeng Geelong Gold Mining Co., Ltd. has reached a $105 million acquisition agreement in Ghana to acquire Resolute Mining's Bibiani Gold Mine, which is expected to be completed by March next year. The deal also needs to be approved by the Australian Foreign Investment Review Board ((Australian Foreign Investment Review Board)) and the governments of China and Ghana.
It is reported that, Resolute Mining, a miner based in Western Australia, has received an advance of $5 million.
, Resolute Mining acquired the Bibiani gold project in 2004 and overhauled it soon after. In January 2020, Resolute launched an asset assessment to decide whether to continue to operate Bibiani or sell it to other companies.
Chifeng Gold plans to push ahead with the redevelopment of Bibiani as soon as possible, the company said on Tuesday.
According to public data, the Bibiani gold mine can produce about 100000 ounces per year over a 10-year mining life, with a total capital cost of about $115 million. The project has about 21.7 million tons of gold ore, with 2.5 million ounces of gold per ton.
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