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(Alliance News) - Resolute Mining Ltd on Tuesday reported a year-end rise in gold reserves, the gold producer said, ahead of the sale of its Ravenswood mine in Australia.
Total ore and mineral reserves was 15% higher year-on-year at the end of 2019, at 19.1 million ounces of gold from 16.6 million ounces of gold.
Managing Director And Chief Executive Officer John Welborn said: "Resolute's updated ore reserves and mineral resources statement reflects our ability to significantly grow and improve the inventories we maintain at our long life, large scale gold mines, and at the same time demonstrates our commitment to growth by strategic value accretive acquisitions."
In January, Resolute Mining said it agreed to sell its Ravenswood gold mine in Queensland to a consortium including EMR Capital Management Ltd and energy-and-mining company Golden Energy & Resources for up to AUD300 million, about GBP153.8 million.
Resolute said EMR is a "leading" resources-focused private equity company with "outstanding" credentials. Singapore-listed GEAR has coal assets in Indonesia as well as investments in two Sydney-listed miners, Westgold Resources Ltd and Stanmore Coal Ltd.
Resolute's remaining assets include the Syama mine in Mali, which makes up the majority of production, as well as Mako in Senegal.
Elsewhere, the company is also conducting a strategic review of its Bibiani gold mine in Ghana.
Shares in the company were 0.8% higher at 58.00 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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