Evolution Mining Acquires Carnaby Resources in A$213 Million Deal
Evolution Mining has agreed to acquire 100% of Carnaby Resources for approximately A$213 million ($149 million) through a scheme of arrangement. The deal offers Carnaby shareholders A$0.77 per share, or 0.0682 Evolution shares each. This acquisition grants Evolution control over the Greater Duchess copper-gold project near its Ernest Henry operations in Queensland. The pre-feasibility stage project contains an estimated resource of 29.2 million tonnes at 1.3% copper and 0.2g/t gold, with ore reserves totaling 8.4 million tonnes at higher grades. Evolution expects the acquisition to boost annual copper output by around 10,000 tonnes using existing infrastructure. The transaction is subject to shareholder approval, regulatory clearances including from Australia's ACCC and court endorsement. Post-acquisition, Greater Duchess ore will be sold under Ernest Henry’s current offtake terms with Glencore.
Topics: Carnaby Resources Copper-Gold Project Evolution Mining Mining