Resolute's mining lease terminated at Bibiani
PERTH (miningweekly.com) – Gold miner Resolute Mining on Wednesday said that it was seeking legal advice after being informed by the Ghanaian Minerals Commission that its mining lease for the Bibiani gold mine had been terminated.
Resolute has been ordered to cease all activities and operations at the mine site.
The miner told shareholders that the action on behalf of the Minister of Lands and Natural Resources had been unexpected, and that the company was seeking clarification from the Minister’s office for the rationale for the termination of the mining lease.
The company is also seeking legal advice on the validity of the notice, its rights of appeal, and a potential recourse.
Resolute earlier this year struck a $105-million sales agreement with China’s Chifeng Jilong Gold Mining Co for the sale of the Bibiani mine, which Resolute acquired in 2004 and placed on care and maintenance shortly after.
The sales agreement followed a review of the asset to consider the benefits of continuing operations at Bibiani, or to consider if another company would be better placed to continue with Bibiani.
A 2018 feasibility study into a Bibiani restart estimated that the project could produce some 100 000 oz/y over a ten-year mine life, at a total capital cost of around $115-million.
The project is currently estimated to host some 21.7-million tonnes, grading 3.6 g/t gold for 2.5-million ounces of contained gold.
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