Gold miner Resolute Resources on Wednesday announced the sale of its Ravenswood gold mine, in Queensland, to a consortium consisting of private equity manager EMR Capital and energy and mining company Golden Energy and Resources (GEAR).
The consortium would pay A$300-million for the project, consisting of A$100-million of upfront value and up to A$200-million in potential payments, which will be contingent on future gold prices, future production from Ravenswood, and the investment outcomes from the Ravenswood project for EMR Capital.