Evolution Strikes Deal With Glencore to Buy Output from Australian Mine
August 23 2016 - 7:38PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Glencore PLC (GLEN.LN) has struck a deal with Australian
gold miner Evolution Mining Ltd. (EVN.AU) worth 880 million
Australian dollars (US$670 million) that will entitle Evolution to
all of the gold production and some of the silver and copper output
from one of its Australian mines.
Evolution has agreed to buy a 30% economic stake in the Ernest
Henry mine in northwest Queensland state that will entitle it to
30% of future copper and silver output, and 100% of future gold
production, from an agreed area around the mine, the companies said
in separate statements.
Evolution said it intends to raise roughly A$401 million through
an accelerated renounceable entitlement offer to partly fund the
purchase.
Glencore said the deal is part of its plan to reduce its debt
pile.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
August 23, 2016 19:23 ET (23:23 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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