SINGAPORE (Jan 15): Golden Energy and Resources (GEAR) has entered into a joint venture with EMR Capital to acquire the Ravenswood gold mine in Queensland, Australia for up to A$300 million ($279 million).

The consideration comprises A$50 million payable in cash, A$50 via a promissory note with interest at 6% per annum, and up to A$200 million in contingent upside instruments linked to the average gold price and the investment outcomes of the gold mine.

GEAR and EMR will each contribute up to A$70 million in capital to the joint venture.

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