Resolute said Chifeng would pay a $5 million deposit on signing the agreement, and $100 million on completion, expected by March 2021 following government approval.
"Chifeng will immediately invest the required capital, and provide the necessary expertise, to recommission Bibiani as an operating gold mine in the shortest possible timeframe," Chifeng's Executive Chairman Wang Jianhua said in the statement released on the Australia Stock Exchange.
The deal rounds off a prolific year of M&A by Chinese gold firms, with state-run duo Zijin Mining and Shandong Gold Mining Co swooping for mines from Guyana to Canada.
Shandong Gold is also locked in a bidding war with Nord Gold to acquire Ghana-focused Cardinal Resources Ltd.
Resolute's interim CEO Stuart Gale said the sale is consistent with the company's focus on core operating assets and balance sheet improvement.
Resolute previously said it expects Bibiani, once developed, to produce 100,000 ounces of gold a year over a 10-year life of mine.
A 22% surge in gold prices this year has reignited interest in gold mines around the world.
(Reporting by Helen Reid and Tom Daly; Editing by Kirsten Donovan)
