Evolution Mining Limited
(ASX:EVN) say they have entered an agreement with La Mancha Group International to take over their Australian business.
The deal will give make La Mancha Evolutions largest share holder with a 31 per cent stake in the company.
In return, Evolution will take ownership of the Frog’s Leg and White Foil gold mines as well as a processing plant, all located in Kalgoorlie, Western Australia.
The purchase added up to 160,000 of gold to production lifting Evolution annual production for around 530,000 to 600,000 ounces from six operations across Western Australia and Queensland.
La Mancha has also agreed to provide up to $100 million of additional capital to fund further growth opportunities.
Evolution Mining reported a net profit of $43 million for the first six months of the 2015 financial year.
