Tag: Ravenswood

RESOLUTE resources (ASX: RSG) has inked definitive agreements for the $300m sale of its Ravenswood gold mine in Queensland to Golden Energy and Resources. The cash will be split up into a $100m upfront payment and up to $200m in potential payments contingent with gold prices, future gold production from the mine, and the investment outcomes for the mine for EMR Capital. This includes up to $50m linked to the average gold price over a four-year period, and up to $150m linked to the investment outcomes of Ravenswood for the EMR Fund through upside sharing payments. Since purchasing the mine in 2004, Resolute has processed more than 40mt ore, resulting in about 2moz gold. The company said that there would...

Caption: Nolans process plant overlooking mill 1 and mill 2. Image Resolute By Elizabeth Fabri MINING at Resolute’s north Queensland Ravenswood mine could extend out to 2029 if a $258 million expansion receives a gold tick of approval. Results from the Ravenswood Expansion Project Feasibility Study (REP Study) confirmed the mine could operate for a further 13 years and produce about 120,000 ounces of gold a year at all-in-sustaining costs of $1166/oz. The news followed Resolute’s June announcement that it was recommencing open-pit mining at Ravenswood’s Nolans East in August, extending the mine life out to October 2017. Resolute managing director and chief executive John Welborn said the REP Study was a ‘tremendous’ achievement for the company. Under the new...