18 Oct Evolution to pay $10m for rival Newcrest’s mine
Evolution Mining (ASX:EVN) is acquiring Newcrest Mining’s (ASX:NCM) Marsden copper-gold project in a AUS$10 million deal, it announced on Monday.
Evolution will pay an initial $3 million and will conclude the additional $7 million if it decides to proceed with mining at the site which it believes has 1.1 million ounces of gold and 670,000 tonnes of copper.
Marsden is located close to Evolution’s Cowal gold mine and the company said the acquisition bears strategic value to exploration activities.
“The Marsden project provides long term optionality to our nearby Cowal operation and has the potential to further extend the life of what is already a long-life operation,” said Evolution executive chairman Jake Klein.