Gold miner Resolute Mining has completed 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).
Resolute in January this year struck an agreement with the consortium, under which they 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.