Evolution Mining to divest Mt Carlton gold mine to Navarre Minerals – Global Mining Review

Save to read list Published by Will Owen, Deputy Editor Global Mining Review, Thursday, 07 October 2021 09:15

Evolution Mining Ltd has entered into a binding agreement with Navarre Minerals Ltd to sell the Mt Carlton gold mine (includes Crush Creek) in Queensland for a total consideration of up to A$90 million.

The total consideration consists of:

Evolution has consistently stated that a key objective of its corporate strategy is to continuously seek to upgrade the quality of its portfolio through either acquisition or divestment and the sale of Mt Carlton is consistent with this strategy. Consistent with other divestments, Evolution will retain upside exposure to Mt Carlton through the shareholding in Navarre of up to 19.9% and the contingent considerations.

Navarres economic interest in Mt Carlton will commence from 1 October 2021, with the transaction expected to close in the December 2021 quarter. Evolution will be providing support to Navarre to ensure a safe and smooth transition of ownership.

Commenting on the transaction, Executive Chairman Jake Klein said:

Mt Carlton was Evolutions first development project and has generated excellent returns for shareholders since it was commissioned in 2013. With the company focussed on delivery of growth projects at the cornerstone assets in the portfolio, we believe now is the time to hand Mt Carlton over to an emerging gold producer who can focus on extending the operations mine life. The exposure we have retained will enable Evolution shareholders to benefit from the future success of the operation.

Evolution would like to thank our employees, contractors, suppliers, the traditional custodians of the land the Birriah People, and the local community for their contribution to Mt Carltons success. We are confident that Navarre will be a great partner for those stakeholders in the future.

Read the article online at: https://www.globalminingreview.com/exploration-development/07102021/evolution-mining-to-divest-mt-carlton-gold-mine-to-navarre-minerals/

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Evolution Mining to divest Mt Carlton gold mine to Navarre Minerals - Global Mining Review