- Write by:
-
Tuesday, January 14, 2020 - 10:33:26 AM
-
708 Visit
-
Print
Mining News Pro - Australia’s Resolute Mining confirmed on Monday that is in advanced talks with private equity fund EMR Capital Management over the sale of Ravenswood gold mine in Queensland, Australia.
According to Mining News Pro - The miner, which has been trying to make the asset look as attractive as possible over the past year, said the deal could be worth up to A$300 million ($207 million).
The transaction would see EMR paying A$100 million upfront and up to A$200 million in additional deferred consideration, subject to production milestones and future gold prices.
The two firms signed an exclusivity arrangement, which expires on Wednesday.
EMR is also said to be preparing the sale of a few copper and gold assets, which may include Capricorn Copper mine in Queensland and the Golden Grove mine in Western Australia.
The gold miner, which set overall output target for 2020 at 500,000 ounces, said in a production update that completion of stage 1 of the Ravenswood Expansion Project, or REP, had increased processing capacity to 5 million mt/year. The upgrade, it noted, allows a production target for 2020 of 80,000 ounces of gold at an all-in sustaining costs (AISC) of $1,200 per ounce.
Stage two of the expansion would see the Perth-based miner’s target production of 200,000 ounces a year for 15 years from 2022.
Ravenswood, located about 95km southwest of Townsville, is made up of multiple open pits to support large scale, long-term gold production beyond the life of the existing Mt. Wright underground mine.
Resolute Mining churned out last year 384,731 ounces of gold, or 4% less than the expected 400,000 ounces. AISC reached $1,09 per ounce, compared to a cost guidance of $1,020 per ounce.
Short Link:
https://www.miningnews.ir/En/News/472736
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
Rio Tinto said on Wednesday it is teaming up with a global venture studio and start-up investor to back the development ...
Australian space exploration company Fleet Space Technologies has successfully deployed its next-generation Centauri-6 ...
Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the ...
Vista Gold has released an updated feasibility study for its Mt Todd gold project in Northern Territory, Australia, to ...
Alcoa will buy Alumina in an all-stock deal that values the Australian firm at $2.2 billion, and makes the US company ...
Canada and Australia have agreed to promote shared priorities related to the extraction, processing, and refining of ...
Australia’s Syrah Resources said on Friday it will supply natural graphite product from its Balama graphite operations ...
No comments have been posted yet ...