Resolute Mining has advised that Chifeng Jilong Gold Mining has provided notice to Resolute that it has terminated the sale agreement for the Bibiani Gold Mine.
Resolute and Chifeng entered into the Agreement in December 2020.
Through 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, the Mining Lease for the Bibiani Gold Mine stood terminated.
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Through an announcement dated 14 April 2021, Resolute advised that the Minister had notified the Company that the Mining Lease for the Bibiani Gold Mine has been restored.
Chifeng has advised Resolute that it has terminated the Agreement on the grounds that the mining lease has been revoked or terminated or the validity or legality of the mining lease has been materially impacted, that Resolute must refund the deposit of US$5 million (and any accrued interest) to Chifeng within five business days of the termination and that Chifeng has reserved all of its rights.