Resolute ponders over Ravenswood

Resolute Mining is weighing up a spin-off or sale of its Ravenswood gold mine in Queensland.

The Australian is reporting that the company wants to focus its efforts in Africa.

Resolute has been mining the underground Mt Wright deposit at Ravenswood for several years, with mine set to close in coming months. However, Resolute is planning to develop Ravenswood as a larger, low-grade open-pit mine that will produce about 140,000 ounces a year over a forecast 14-year mine life.

The scale of the forecast output at Ravenswood, together with its comparatively long life, means it is likely to appeal to a host of cashed-up local gold miners hunting for assets that will grow their output and extend their forecast operating lives.

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