Evolution Mining to Raise Equity, Buy Northparkes Copper-Gold Mine

By Rhiannon Hoyle

Evolution Mining said Tuesday it will raise 525 million Australian dollars (US$348 million) in equity to buy an 80% stake in the Northparkes copper and gold mine in Australia's New South Wales state from China's CMOC Group.

The Australian gold miner said it will buy the Northparkes operation for up to US$475 million, including an upfront payment of US$400 million and up to US$75 million in combined further payments that are linked to market prices.

The deal will be part funded by a new A$200 million five-year debt facility, Evolution said.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

12-04-23 1748ET