EMR Capital Pty. Ltd. and Golden Energy and Resources Pte. Ltd. (GEAR) are understood to have fired the starting gun for the $2 billion sale process of its Ravenswood Gold Mine, with promotional material now in the market.

It is understood that flyers have hit the desks of prospective suitors in recent days. Of the potential Australian bidders, the name that continues to surface the most is Regis Resources Limited (ASX:RRL), but many are doubtful that Regis will be prepared to meet its price expectations, when other foreign suitors would be more likely to do so. Among them is Harmony Gold Mining Company Limited (JSE:HAR) out of South Africa that is understood to have expressed interest in Ravenswood, which is up for sale through Azure Capital and UBS.

The sale process will run through the Christmas period and into the new year. Ravenswood is half-owned by Golden Energy Resources (GEAR), a Singapore company backed by Indonesian money, and EMR Capital. The understanding is that both owners are keen to divest their interests.

The owners have seen strong interest on the back of the rising gold price.