Evolution secures Northparkes copper-gold mine
Make us a preferred source
Make us a preferred source on Google
The news: Australian gold miner Evolution has completed buying an 80% stake in NSW copper-gold mine Northparkes.
The numbers: The miner paid $603 million to CMOC Group.
Evolution raised the funds through a $525 million share sale to institutional investors and a $200 million five-year term debt facility. Shares sold for $3.80 each.
The company also has a share sale due in January. This non-underwritten offer will try and raise $60 million.
The context: Chief executive Jake Klein has said the Northparkes project will be cash flow generating from day one.
Japanese multinational Sumitomo Group will retain a 20% stake in the mine.
The source: Evolution
