Evolution Mining completes $880M acquisition of QLD mine

Company News

by David Chau

Evolution Mining (ASX:EVN) has completed its acquisition of an $880 million stake in the Ernest Henry copper and gold mine.

The company acquired this mine from Glencore, and says all conditions for the deal have been either satisfied or waived.

Evolution now owns the right to all the future gold, as well as 30% of future copper and silver production from the Queensland mine.

Factoring in the contribution from Ernest Henry, Evolution forecasts gold production will be between 800,000 and 860,000 ounces in FY17. The company says this will be achieved at an all-in sustaining cost of $900 to $960 per ounce.

Evolution Mining reported a net loss of $24.4 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.