14 Apr 2021 07:00
14 April 2021
聽
Resolute Mining Limited
(Resolute or the Company)
聽
Bibiani Mining Lease Restored
`
Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG) is pleased to advise that the Ghanaian Honourable Minister for Lands and Natural Resources, Hon. Samuel A Jinapor, MP (the Minister), has notified the Company that the Mining Lease for the Bibiani Gold Mine has been restored.
The聽Minister聽has聽advised聽the聽Company聽that聽having聽regard聽to聽Ghana's聽standing聽as聽the聽largest聽gold聽producer聽in聽Africa and among the top seven producers in the world, and the need to maintain investor confidence globally and in particular聽maintain聽Ghana's聽reputation聽as聽the聽preferred聽destination聽for聽mining聽investment聽in聽Africa,聽the聽Mining聽Lease has been restored subject to the聽following:
路 the Company and the holder of the Mining Lease, Mensin Gold Bibiani Limited (MGBL) (a subsidiary of the Company), acknowledge and accept that the Mining Lease was terminated;
路 the Ghanaian Government does not recognise the purported sale or transfer of the Bibiani Gold Mine to Chifeng Jilong Gold Mining Co. Ltd (Chifeng);
路 Resolute and MGBL must, within 7 days, submit to the Ghanaian Minerals Commission:
o a report detailing the full state of affairs at the mine including the environment, health and safety conditions, in accordance with the Ghanaian Minerals and Mining Act 2006 (Act 703) (Ghanaian Mining Act); and
o a detailed plan for the redevelopment of the mine with timelines and investment requirements;
路 any purported sale, assignment or transfer of a right in the mine to a third party requires the prior approval of the Ghanaian Government in accordance with the Ghanaian Mining Act; and
路 the Ghanaian Government objects to the purported sale or transfer to Chifeng and the creation of any interest in the mine to Chifeng or any third party will be deemed invalid without the express prior approval of the Government.
Resolute intends to comply with the conditions imposed by the Minister in relation to the restoration of the Mining Lease.
Resolute's Interim CEO, Mr Stuart Gale, commented: "We are very pleased to have come to a quick and amicable resolution which provides clarity and confirmation of MGBL's Mining Lease at the Bibiani Gold Mine. I would like to thank聽the聽Minister聽for聽his聽leadership聽and聽cooperation聽on聽this聽matter聽and聽we聽look聽forward聽to聽working聽with聽him聽and聽the Minerals聽Commission聽to聽identify聽a聽development聽option聽at聽Bibiani聽which聽sees聽the聽mine聽resuming聽production聽as聽quickly as possible for the benefit of all聽stakeholders.
"I聽would聽also聽like聽to聽thank聽Chifeng聽for聽their聽patience聽during聽this聽process聽and聽we聽look聽forward聽to聽continuing聽the聽working relationship which has been developed since announcing the sale in December. We remain committed to the development of Bibiani and will consider all options available to achieve聽this."
Resolute will provide further information on the Bibiani development process, in accordance with continuous disclosure requirements, as required.
For further information, contact:
Resolute Stuart Gale, Interim CEO Telephone: +61 8 9261 6100 Email: Ucontact@rml.com.auU Web: www.rml.com.au 聽 | Berenberg (UK Corporate Broker) Matthew Armitt / Jennifer Wyllie / Detlir Elezi Telephone: +44 20 3207 7800 Tavistock (UK Public Relations) Jos Simson / Emily Moss / Annabel de Morgan / Oliver Lamb Telephone: +44 207 920 3150 / +44 778 855 4035 Email: resolute@tavistock.co.uk聽 |
Authorised by Mr Stuart Gale, Interim CEO
聽
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 which forms part of UK law pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via a Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
聽