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 private 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.

Shares in the John Welborn-led company were up 2.6 per cent to $1.20 at 8am.

Ravenswood is the latest acquisition by the Owen Hegarty-led EMR Capital, which has been on an asset-buying spree in recent years.

EMR bought the Golden Grove polymetallic mine near Yalgoo for $290 million in late 2016 before buying the Lubambe copper mine in Zambia the following year for $124 million.

In 2018, EMR bought 80 per cent of Rio Tinto’s Kestrel underground coal mine with Indonesian coal firm Adaro for $2.25 billion.

Resolute last month announced it had completed a stage one expansion of Ravenswood that increased processing capacity to 5 million tonnes a year, targeting 80,000 ounces of production in 2020 at costs of US$1200 ($1739) per ounce.

A second stage expansion would aim to transform the ageing mine into a 200,000 ounces-a-year project with a 15-year mine life.