Bibiani Gold Mine: Asante Gold to purchase mine for $90 million
Gold mining firm, Asante Gold Corporation is set to purchase the Bibiani gold mine in the Western Region, from Australian mining firm, Resolute Mining Limited.
The acquisition of the mine by Asante Gold was announced by Resolute Mining in a press statement issued on Thursday, August 5, 2021.
“Resolute Mining Limited (Resolute or the Company) (ASX/LSE:RSG) is pleased to announce that it has agreed to sell its interest in the Bibiani Gold Mine (Bibiani) to Asante Gold Corporation (Asante) for total cash consideration of US$90 million.”
“Resolute and Asante are committed to ensuring an orderly transition of ownership at Bibiani. Asante is dedicated to injecting the necessary capital to achieve the rapid restart of Bibiani, which is not expected to result in any immediate changes to employment or contract relationships,” read parts of the statement.
Per reports, the sale of the gold mine follows the approval of the country’s Minister for Lands and Natural Resources, Samuel Abu Jinapor.
The acquisition of the Bibiani gold mine by Asante Gold follows the cancellation of a deal for the purchase of the mine by China’s Chifeng Jilong Gold Mining some months ago.
The decision by Jilong Gold Mining company to no longer go ahead with its intention to buy the gold mine was premised on the fact that it (Jilong Gold Mining) did not receive timely information about the termination of a mining lease for the Bibiani gold mine.
Peruse details of press release below: