Evolution to pay A$880m for stake in Glencore’s Ernest Henry

August 24, 2016

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In line with its strategy to build a globally relevant, mid-tier Australian gold producer, Evolution Mining has moved to buy an economic stake in a large-scale, long-life copper/gold mine near Cloncurry, Queensland, for A$880-million.

Evolution will buy a 30% economic stake in diversified miner Glencore’s Ernest Henry mine and will be entitled to 100% of the mine’s gold production, subject to an agreed life of mine (LoM) and block model, adding about 85 000 oz/y of gold to its production profile at a “very low” all-in sustaining cost (AISC).

Category: General