Resolute Mining is selling its Ravenswood Gold Mine in Queensland to a private equity consortium in a deal worth up to $300 million.

The miner says it has signed a deal with a fund managed by equity group EMR Capital and Singapore-listed Golden Energy.

The deal has an initial up front payment of $100 million then up to $200 million in potential payments contingent on a number of factors including the gold price and future gold production from the mine.

Resolute said there would be no immediate changes to employment at the mine, where 200 people work full time, or to contract relationships.

Ravenswood has been in continuous operation since 1987 and owned by Resolute since 2004.

At 1037 AEDT, Resolute shares were up 2.6 per cent to $1.20.