Resolute Mining Ltd (ASX:RSG) has had substantial shareholder, Van Eck Associates Corporation, increase its stake in the company to 12.04% from 11.01%.
Notably, Van Eck Associates Corporation represents VanEck, a global investment manager based in New York City that runs exchange traded funds (ETFs).
VanEck ETFs include the well-known VanEck Vectors Junior Gold Miners ETF and the VanEck Vectors Gold Miners ETF.
The increase to 12.04% takes the total amount of Resolute shares held by Van Eck to 90.66 million.
ETFs also known as the GDX and GDXJ
Of this 12.04% stake, 6.1% is dedicated to the VanEck Vectors Junior Gold Miners ETF (GDXJ) and 5.73% is dedicated to the VanEck Vectors Gold Miners ETF (GDX).
READ: Resolute Mining completes investments in gold juniors
Resolute is in the process of developing its third operating gold mine Bibiani in Ghana alongside the Syama mine in Mali and Ravenswood mine in Queensland.
Production from Bibiani in FY21 will play a key role in transforming Resolute into a 500,000 ounces per annum gold producer.