HWL Ebsworth’s Energy and Resources team advised Shanghai Stock Exchange listed Chifeng Jilong Gold Mining Co. Ltd (Chifeng) on its acquisition of the Bibiani Gold Mine in Ghana from Resolute Mining Limited (Resolute) for USD105 million.
Chijin International (HK) Limited, a wholly owned subsidiary of Chifeng, has entered into a binding agreement with Western Australia based Resolute to acquire Resolute’s interest in the Bibiani Gold Mine through the purchase of shares in Mensin Bibiani Pty Limited. Chifeng, an international gold mining company, operates five mines, including the world class Sepon gold mine in Laos.
The total cash consideration of USD105 million is comprised of a USD5 million deposit on signing and USD100 million on completion, expected in around March 2021.
Chifeng’s Executive Chairman, Mr Wang Jianhua commented: “We are delighted to have secured such a significant gold mining asset in the current market. Resolute has defined an exciting future for Bibiani as a high margin, long life underground gold mining operation. Chifeng will immediately invest the required capital, and provide the necessary expertise, to recommission Bibiani as an operating gold mine in the shortest possible timeframe.”
For more information on the sale, please see the ASX announcement here.
The HWL Ebsworth team advising Chifeng on this transaction was led by Partner Michael Boyce (Perth), with support from Senior Associate Sally Scott (Perth), Associate Lucy Zheng (Sydney) and Solicitor Adrienne Mallinson (Perth). HWL Ebsworth worked closely with Zhong Lun Law Firm on this transaction.
Note to Editors:
HWL Ebsworth is the largest legal partnership in Australia according to the most recent partnership surveys published by The Australian and the Australian Financial Review and is the only commercial law firm with an office in every Australian State and Territory.
The firm comprises 1,407 staff including 265 Partners, 802 other legal staff and 340 support staff across offices in nine locations – Adelaide, Brisbane, Canberra, Darwin, Melbourne, Hobart, Norwest (North West Sydney), Perth and Sydney.
HWL Ebsworth is an independent, nationally integrated, full service commercial law firm, providing tailored and commercially oriented legal services.
HWL Ebsworth operates a different business model to the other leading national law practices, and this allows us to offer unrivalled value for money without compromising quality and service. Our low ratio of solicitors to partners ensures that our clients receive optimal access to partner resources for all matters.
For further information, please contact:
Russell Mailler, National Marketing Manager (03) 8644 3569 or email@example.com