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UPDATE 1-Australia's Resolute Mining to sell Ghana mine to Asante Gold for $90 mln

Reuters
·1 min read

(Adds details on sale, background)

Aug 5 (Reuters) - Australian gold miner Resolute Mining Ltd said on Thursday it would sell its Bibiani mine in Ghana to Canada's Asante Gold Corp for $90 million.

The sale comes months after China's Chifeng Jilong Gold Mining cancelled a deal to buy the mine, saying it had not received timely information about the termination of a mining lease.

Resolute Mining shares rose 4.5% to A$0.58 in early trade.

The deal had been approved by Ghana's minister of lands and natural resources and is expected to be completed in the next 10 days, Resolute Mining said in a statement.

The Australian miner, which had acquired Bibiani in 2014, and also operates the Syama gold mine in Mali and the Mako gold mine in Senegal, said it would use $30 million of the proceeds to repay debt. (Reporting by Tejaswi Marthi; Editing by Rashmi Aich)