Chifeng Jilong terminates sales agreement with Bibiani

2021-05-05T08:23:06+00:00 May 3rd, 2021|Bulletin|
Resolute Mining’s Bibiani mine in Mali. Photo by Resolute

Resolute Mining’s Bibiani mine in Mali. Photo by Resolute | Twitter

ASX-listed Resolute Mining said in a statement recently that Chifeng Jilong Gold Mining has given Resolute notice that it has terminated the sales agreement for the Bibiani gold mine in Mali. Resolute and Chifeng entered into the agreement in December 2020.

In an ASX announcement dated 24 March 2021, Resolute advised that it had received a letter from the Ghanaian Minerals Commission advising that, on the instructions of the Ghanaian Honourable Minister for Lands and Natural Resources (Minister), the mining lease for the Bibiani Gold Mine stood terminated. By ASX announcement dated 14 April 2021, Resolute advised that the minister had notified the company that the mining lease for Bibiani has been restored.

Chifeng advised Resolute that it has terminated the agreement on the grounds that the mining lease has been revoked or terminated or the validity or legality of the mining lease has been materially impacted, that Resolute must refund the deposit of USD5-million (and any accrued interest) to Chifeng within five business days of the termination and that Chifeng has reserved all of its rights. Resolute will continue to consider all options for the successful development or sale of Bibiani and will provide further information in accordance with continuous disclosure requirements, as required.