Gold miner Resolute Mining has completed the $90-million sale of its Bibiani gold mine, in Ghana.

The company earlier this month struck an agreement with Asante Gold Corporation to divest of the asset.

Resolute on Friday told shareholders that the company had received the initial $30-million cash payment from Asante, with the balance of the consideration payable in two equal installments of $30-million on or before the six- and twelve-month anniversaries of the transaction.

The sale of the Bibiani asset was undertaken as part of Resolute’s strategic focus on its core operating assets, and to strengthen its balance sheet. The miner told shareholders that the initial cash receipt would be applied for voluntary early repayments of debt.

Asante for its part has said that it would work to restart the Bibiani operation.

A 2018 feasibility study into a Bibiani restart estimated that the project could produce some 100 000 oz/y over a ten-year mine life, at a total capital cost of around $115-million.

The project is currently estimated to host some 21.7-million tonnes, grading 3.6 g/t gold for 2.5-million ounces of contained gold.