Resolute Mining has suggested that Chifeng Jilong Gold Mining has supplied discover to Resolute that it has terminated the sale settlement for the Bibiani Gold Mine.
Resolute and Chifeng entered into the Settlement in December 2020.
By means of an ASX announcement dated 24 March 2021, Resolute suggested that it had obtained a letter from the Ghanaian Minerals Fee advising that, on the directions of the Ghanaian Honourable Minister for Lands and Pure Sources, the Mining Lease for the Bibiani Gold Mine stood terminated.
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By means of an announcement dated 14 April 2021, Resolute suggested that the Minister had notified the Firm that the Mining Lease for the Bibiani Gold Mine has been restored.
Chifeng has suggested Resolute that it has terminated the Settlement on the grounds that the mining lease has been revoked or terminated or the validity or legality of the mining lease has been materially impacted, that Resolute should refund the deposit of US$5 million (and any accrued curiosity) to Chifeng inside 5 enterprise days of the termination and that Chifeng has reserved all of its rights.