- Write by:
-
Thursday, November 18, 2021 - 13:48:09
-
566 Visit
-
Print
Mining News Pro - London-listed miner Glencore has agreed to sell its Ernest Henry Mining copper-gold mine in Queensland to Australia-based Evolution Mining for A$1 billion ($729.60 million), the companies said on Wednesday.
The acquisition will double Evolution Mining’s annual copper production from its earlier forecast to between 34,000 to 38,000 tonnes, driving all-in sustaining cost (ASIC) lower to about A$90 to A$100 per ounce.
The deal, expected to close in January 2022, also includes an offtake agreement sealing the supply of 100% of the copper produced at the mine to Glencore, the companies said in a separate announcement.
Evolution will make an upfront payment of A$800 million to the diversified miner and pay the remaining amount after a year of deal completion.
The company plans to fund the deal through available cash and a new share issuance of $200 million.
The deal will see Evolution fully own and operate the Ernest Henry mine, in which it held a stake since November 2016 via a joint venture structure with Glencore.
Short Link:
https://www.miningnews.ir/En/News/617095
Peru’s dented mining mojo, hit by years of political turmoil in the Andean country, is being buoyed by strong copper ...
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
As BHP Group considers its next move, there’s one big question facing the mining world’s bankers, analysts and ...
Around $7 billion of infrastructure investments in the Democratic Republic of Congo by Chinese companies in a revised ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Adani Enterprises Ltd., which posted a 38% fall in quarterly profit, said India’s markets regulator has queried it about ...
China’s leading metals companies, including its state iron ore buyer, are considering their next moves following BHP ...
BHP Group (ASX: BHP) has deployed a senior team including its chief executive officer to South Africa as the world’s ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
No comments have been posted yet ...