Evolution Mining (ASX:EVN) is to divest Cracow gold mine for $125 million

Company News

by Rachael Jones

Evolution Mining (ASX:EVN) has entered into a binding agreement with Aeris Resources (ASX:AIS) to sell the Cracow gold mine in Queensland for a total consideration of up to $125 million.

This consists of $60 million cash payable upon completion, $15 million cash payable on 30 June 2022 and up to $50 million contingent consideration payable in the form of a 10 per cent net value royalty, based on gross revenues less C1 direct cash costs in relation to any gold produced at Cracow in the five-year period from 1 July 2022 to 30 June 2027.

Evolution believes that Cracow has more value in the hands of Aeris than in Evolution’s portfolio.

Shares in Evolution Mining (ASX:EVN) are trading 2.6 per cent lower at $5.71.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.