ASX- and LSE-listed Resolute Mining has successfully completed the sale of the Bibiani gold mine, in Ghana, to Canada-based Asante Gold Corporation for $90-million.
Asante has paid an initial $30-million in cash, with two more instalments of the same amount due 6 and 12 months from now, respectively.
Resolute has used the initial proceeds to pay down debt.
The sale forms part of Resolute’s strategy to focus on core assets and to strengthen its balance sheet.
The company still holds majority stakes in the Mako gold mine, in Senegal, and the Syama gold mine, in Mali.
The Ghanaian government in March terminated Resolute’s mining lease for the Bibiani mine, without disclosing reasons.
Asante owns the Kubi gold mine in Ghana and is looking to bring the Bibiani mine to production within the next year.