Resolute in $116m share sale

Perth-based Resolute Mining has announced the sale of shares in both Paladin Resources and Goldbelt Resources for $116 million.

Resolute has sold the remaining balance of its Paladin shares for cash consideration of $93 million and has agreed to sell all of its shares, and warrants to acquire shares, in TSX listed Goldbelt Resources to Dundee Precious Metals for $23 million.

The latest share sale has resulted in Resolute now having sold all its Paladin Resources and Goldbelt holdings for $196 million, providing the group with a realised profit of approximately $175 million. The majority of the profit will be offset against carry forward tax losses.

Resolute CEO Peter Sullivan said the proceeds from th sales placed the company in a very strong financial position.

"It means we are able to fund the Syama development in Mali as well as look at other value adding options," he said.