China’s Chifeng Jilong Gold will pay Resolute $5 million upfront and the remainder upon completion of the transaction, expected in March 2021.

Company said production across all minerals will increase by 14% in 2021.

Vale is urging a New York-based federal court to force the magnate to reveal all assets to enforce and so obtain the arbitration award.

The nation's central bank will hold gold for the first time since 1995 as foreign-exchange reserves near record lows.