Resolute confirms possible Ravenswood sale

Gold miner Resolute Mining on Tuesday confirmed that it was in negotiations with EMR Capital over the possible sale of its Ravenswood gold mine, in Queensland.

While negotiations were still under way, Resolute said that total proceeds of the sale would be an estimated A$300-million, consisting of A$100-million of initial upfront value and up to A$200-million in additional deferred consideration, the payment of which would be contingent on future gold price outcomes, future production thresholds and the investment outcomes from Ravenswood for EMR Capital.