Resolute Mining shares fall after response to cancelled permit reports
Make us a preferred source
Make us a preferred source on Google
More news: Shares in Resolute Mining have fallen after it told the exchange it has not been informed that its exploration permits have been revoked by the Guinean government and is seeking further information and clarification following local media reports.
The numbers: Resolute’s share price was 1.6% lower at $0.62 at 12:15pm AEST after recovering slightly from a sharp decline at market open. The wider materials sector is down 0.18%.
Resolute denies Guinea permit cancellation rumours
The news: Resolute Mining has denied receiving formal communications from the Guinean government that its exploration permits could be caught up in a wider set of terminations, despite local media reports.
The context: Resolute told the ASX it is aware of the local Guinean television report but confirmed that it has “not received any formal confirmation or communication from the Government of Guinea on the matter” and is seeking clarification.
The company has three exploration permits at Niagassola, Doko, and Siguri-Kouroussa, which covers the Mansala prospect, estimated to contain 357 thousand ounces of gold.
The miner is in the process of transferring these permits to AngloGold Ashanti under a deal that will see Resolute acquire two Côte d’Ivoire mining projects from AngloGold for USD150 million ($233 million).
The source: ASX
