https://www.miningweekly.com

Evolution shareholders back La Mancha buy

30th July 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Shareholders of gold miner Evolution Mining on Thursday overwhelmingly voted in favour of the acquisition of private gold miner La Mancha’s Australian operations.

In April, Evolution entered into a binding agreement that would see La Mancha becoming Evolution’s largest shareholder and long-term strategic partner, while allowing Evolution to increase its production to between 530 000 oz/y and 600 000 oz/y.

In exchange for its assets, La Mancha would be issued with more than 322-million new shares in Evolution, and the company had also agreed to subscribe for up to A$112-million of additional shares in Evolution, priced at 90c each.

Upon completion of the transaction, La Mancha would hold a 31% interest in Evolution.

La Mancha’s Australian operations include the high-grade Frog’s Leg underground mine and the adjacent White Foil openpit mine, in Western Australia, as well as the recently completed 1.5-million-tonne-a-year Mungari carbon-in-leach processing plant.

The private gold miner’s Australian operations produce 130 000 oz/y to 160 000 oz/y of gold, at an all-in sustaining cost of between A$950/oz and A$1 000/oz.

The transaction remained subject to Foreign Investment Review Board approval.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Virtual Gas Network (Pty) Ltd
Virtual Gas Network (Pty) Ltd

Virtual Gas Network supplies compressed natural gas via a virtual gas distribution network.

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.058 1.342s - 111pq - 2rq
Subscribe Now