Resolute to review Bibiani gold mine

Resolute Mining will undertake a strategic review of its Bibiani gold mine, engaging Cutfield Freeman & Company and Treadstone Resource Partners as advisers in the process.

The mine, located in western Ghana, features existing mining and processing infrastructure, including a 3 million tonnes per annum mill and processing plant as well as other underground mining infrastructure.

Resolute acquired the mine in 2014 from the Ghanaian government, with a feasibility study released in 2018 demonstrating potential for the mine to produce around 100,000 ounces of gold annually at a cost of $US764/oz over a 10-year mine life.

Strategic review of the mine will assess plans for its recommissioning, capital requirements, funding alternatives and evaluation of recently received expressions of interest from third parties.

Other gold mines under Resolute’s ownership include its flagship Syama gold mine in Mali, as well as its Ravenswood gold mine in Queensland.

Its $US274 million takeover of Toro Gold in July led to the acquisition of its Mako gold mine in Senegal, Resolute’s fourth gold mine overall.

Trading on the ASX and the LSE, it ranks 21^st on the BNiQ list of public resources companies, with revenue of $223 million.

Managing director John Welborn joined the company in 2015, having previously been head of specialised lending in WA for Investec Bank.