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West Africa-focused gold miner, Resolute Mining has received full repayment of the vendor financing promissory note relating to the sale of the Ravenswood Gold Mine.
Communique from the company indicates, payment, comprising the outstanding principal and accrued interest, is expected to be received by 30 June 2026.
The vendor financing promissory note formed part of the consideration arrangements agreed in connection with Resolute’s sale of Ravenswood in 2020.
“The repayment of the Ravenswood Vendor Financing Promissory Note is a positive outcome for Resolute.
“It realises incremental value from the sale of Ravenswood, further strengthens the cash position on our balance sheet, and provides additional financial flexibility as we continue to focus on our core West African gold portfolio and organic growth opportunities,” said Resolute Chief Executive Officer, Chris Eger.
According to the agreement, Resolute will receive a payment of A$77 million (approximately US$54 million), representing full repayment of the outstanding principal and accrued interest under the vendor financing promissory note.
In addition, the repayment is in addition to the previously received Gold Price Contingent Promissory Note of A$50 million in 2024 under the restructured Ravenswood arrangements.
Meanwhile, the upside sharing promissory note linked to the investment outcomes of Ravenswood for EMR Capital remains unchanged.
