Evolution settles Ernest Henry buy
PERTH (miningweekly.com) – Gold miner Evolution Mining has taken full control of the Ernest Henry copper/gold mine, in Queensland.
The company last year struck a A$1-billion agreement with diversified miner Glencore Mining to take full ownership of the project.
Evolution has paid Glencore A$800-million from available cash on hand with the remaining A$200-million due and payable in January 2023.
“Acquiring full ownership of Ernest Henry is transformational for Evolution and again demonstrates our track record of identifying and securing opportunities that are both accretive and improve the quality of the portfolio,” said Evolution executive chairperson Jake Klein.
“Ernest Henry is a world-class operation in a Tier 1 jurisdiction which we know well through our previous economic interest investment in 2016. I extend a warm welcome to our new colleagues that join Evolution today. We look forward to continuing to build on our relationships with the local communities in Cloncurry and Mt Isa, and with the traditional custodians of the land, the Mitakoodi People.”
The increased copper production from Ernest Henry is expected to reduce Evolution's all-in sustaining costs by around 12% on a full-year basis, and will cement the miner as one of the lowest cost gold producers in the world.
Klein said that the operation also has attractive growth potential below the current operating footprint which is the subject of a prefeasibility study.
Glencore has struck an offtake agreement for all of the copper concentrate produced at Ernest Henry.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation