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.
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