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Resolute Mining Ltd on Wednesday said it will sell its Loncor Gold Inc shares valued at approximately $31 million to Chengtun Mining Group Co. The London-based miner targeting African gold said it will sell 31.5 million common shares in Loncor following its sale agreement with Chengtun Mining through its wholly-owned subsidiary Chengtun Gold Ontario Inc. Chengtun Mining will acquire Loncor shares at C$1.38 each, in an all-cash transaction totalling approximately C$43.4 million, around $31 million. Resolute Mining said it expects the transaction to close no later than the first quarter of financial 2026. Resolute Mining said it has entered into a voting support agreement pursuant to which it has agreed, among other things, to vote those shares in favour of the transaction. Chief Executive Officer Chris Eger said: ‘Resolute is pleased to support the Loncor transaction. The sale proceeds will further reinforce Resolute’s balance sheet and help advance the company’s strategic growth initiatives across our African-focused gold portfolio. ‘Key priorities include the development of the Doropo project in Cote d’Ivoire and the extension of the Mako mine in Senegal.’ Shares in Resolute Mining rose 1.4% to 56.27 pence on Wednesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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