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Evolution settles Kundana purchase

18th August 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miners Evolution Mining and Northern Star Resources have settled the A$400-million sale of Northern Star’s Kundana assets, in Western Australia.

The two companies in July this year struck a sales agreement over the Kundana assets, which includes the Kundana operations, a 51% interest in the East Kundana joint venture, full interest in certain tenements making up the Carbine project, and a 75% interest in the West Kundana joint venture.

In the 2021 financial year, the Kundana assets produced 12 943 oz of gold. The assets host a combined resource estimate of 2.4-million ounces, including reserves of 579 000 oz.

The sale was undertaken as part of Northern Star’s strategy to actively manage its asset portfolio with a view to maximising financial returns.

Northern Star MD and CEO Stuart Tonkin said the company has an exceptional pipeline of opportunities with the cashflow and balance sheet to unlock their full value.

“The Kundana sale is consistent with our commitment to actively manage our portfolio and apply strict capital discipline with the objective of achieving the strongest financial returns,” Tonkin said.

Evolution chairperson Jake Klein said on Wednesday that the consolidation of these assets elevated the company’s Mungari assets into the fourth cornerstone asset in Evolution’s portfolio through increased production, mine life and mineral resources.

“This transaction continues Evolution’s track record of identifying and securing opportunities that are both accretive and improve the quality of the portfolio. We now look forward to integrating the operation and delivering on the clear and significant synergies.”

Evolution previously told shareholders that as a result of the transaction, the company’s three-year production outlook has increased to between 700 000 oz and 760 000 oz for 2021, between 815 000 oz and 875 000 oz for 2023, and between 940 000 oz and 1.01-million ounces in 2024.

Edited by Creamer Media Reporter

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