Resolute closes Ravenswood deal
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…