Resolute Mining Ltd has entered into talks with private equity fund EMR Capital Management Ltd to sell its Ravenswood gold mine in Queensland for up to A$300 million, it said on Monday.

The sale would comprise an initial up-front payment of A$100 million and up to A$200 million in additional deferred consideration, the gold miner said.

“While negotiations and documentation are advanced, there is currently no certainty that an agreement for the sale of Ravenswood will be reached between Resolute and EMR Capital,” the company said.