Modern Mining January 2021

Resolute Mining to sell interest in Bibiani Gold Mine

Chifeng’s executive chairman, Wang Jianhua, comments: “We are delighted to have secured such a significant gold min- ing 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.” 

Resolute Mining has agreed to sell its inter- est in the Bibiani Gold Mine, through the sale of shares in Mensin Bibiani Pty Ltd, to Chijin International (HK) Limited, a wholly owned subsidiary of Chifeng, for total cash consideration of US$105-million. Resolute and Chifeng are committed to ensuring an orderly transition of own- ership at Bibiani. Chifeng is committed to injecting the necessary capital to achieve the rapid restart of Bibiani to ensure that all local and national stakeholders benefit from the economic and social advantages that the successful operation of the mine will provide. The transaction is not expected to result in any immediate changes to employment or contract relationships at Bibiani with Chifeng seeking to retain all existing local employees in future activities. Resolute’s interim CEO, Stuart Gale, comments: “Resolute is proud of its con- tribution to Ghana and pleased that our investments at Bibiani in exploration, feasi- bility studies, and community support will

provide a strong base for future success and value creation. I am confident that Resolute’s positive legacy in Ghana, and the interests of all stakeholders in Bibiani, will be protected and enhanced under Chifeng’s ownership.” “The transaction is consistent with our strategic focus on our core operating assets together with balance sheet improvement.”

High grade rare earths confirmed at Pensana’s Coola project Pensana Rare Earths Plc (LSE: PRE, ASX: PM8) reports high grade rare earths in soils from the first sampling programmes com- pleted at its 7 500 km² Coola project located 16 km north of its flagship Longonjo project in Angola. Also reported is the appointment of accomplished economic geologist Grant Haywood as exploration manager together with an update on recent site activities at the Longonjo. Assay results received from soil sampling over the Coola carbonatite identify a high tenor soil anomaly up to 4,69% REO extending over a 1,3 x 1,4 km area. The highest REO values lie over the 3,2 km perimeter of the carbonatite ring structure and are coincident with an out- cropping circular carbonatite dyke. The centre of the 1,2 km diameter ring structure is anomalous in REO in soils despite lying beneath thick soil cover, which could par- tially mask a soil response. An area of outcropping fluorspar miner- alisation located 300 m south of the ring structure is also associated with anomalous soils to 2% REO. The company plans to drill test these defined targets in 2021. 

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