Evolution Mining Limited
(ASX:EVN) has tied up the purchase of the Cowal Gold Mine in New South Wales after announcing the purchase in May.
The mining company has purchased the asset from Barrick for $US550 million and describes the mine as one of Australia’s most attractive gold assets.
Evolution believes Cowal is a highly sought after, large scale, long life operation which substantially improves the quality of its asset portfolio.
Executive Chairman Jake Klein says the acquisition is an exciting step forward for the company and provides Evolution with a cornerstone asset of the highest quality.
Evolution Mining reported a net profit of $43 million in the first half of the 2015 financial year.
