voda schreef op 25 mei 2015 14:54:
Barrick sells Cowal gold mine for AUD 550 million
Barrick Gold, the world’s top gold producer, has agreed to sell its Cowal mine to Evolution Mining for AUD 550 million in a deal that will turn Evolution into Australia’s second largest producer of the precious metal.
The deal gives Evolution a large, low-cost mine that will boost its output to around 800,000 ounces a year, around one-third the output of top Australian producer Newcrest Mining.
Mr Jake Klein executive chairman of Evolution Mining Limited said that “This is a truly transformational acquisition for Evolution. This is the high quality asset we have been looking for to cornerstone our business.”
He said that “We put in what we thought was a fair price, but one which we are very happy acquiring it at. The price reflected the subdued asset values in the current market.”
Evolution was able to afford the bid with the backing of Luxembourg based private company La Mancha, from whom it recently agreed to buy two small Australian mines in an all share deal worth AUD 293 million (USD 229 million).
Evolution plans to pay for Cowal by raising about AUD 248 million through a sale of new shares and with new bank loans. With this deal, Evolution’s production will overtake fellow Australian gold miner Northern Star Resource, which grew rapidly last year after buying four gold mines from Barrick and Newmont Mining Corp for less than AUD 200 million.
Source : MineWeb