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Resolute Mining Ltd. said on Wednesday it will sell its Ravenswood Gold mine for up to A$300 million ($207 million) to a consortium led by resource-focused private equity firm EMR Capital.
The consortium also includes Singapore-listed Golden Energy and Resources Ltd (GOLD.SI), and both firms intend on pursuing the Ravenswood Expansion Project, Resolute said.
Resolute Mining started a review of the Queensland-based mine last year as part of a drive to shift its focus to projects in Africa.
The miner said it will receive A$100 million upfront, and is entitled to a further A$200 million, contingent on gold prices and the future growth of Ravenswood.
The sale proceeds will be used to reduce debt, it added.
This would be Golden Energy and Resources’ second gold investment in Australia, its senior Head of Investments Mark Zhou said in a separate joint statement with EMR.
The Singapore-based company is the largest shareholder of Australia’s Stanmore Coal Ltd (SMR.AX).