Brief: Evolution Mining Says Will Acquire Northparkes For Up To $475 Million

Sumitomo Metal Mining

04/12/2023 22:26

Dec 5 (Reuters) - Evolution Mining Ltd  EVN.AX :
    * ACQUISITION OF 80% INTEREST IN NORTHPARKES COPPER-GOLD
MINE
    * WILL ACQUIRE NORTHPARKES FOR TOTAL CASH CONSIDERATION OF
UP TO
US$475 MILLION
    * HAS ALSO AGREED TO ENTER INTO AN OFFTAKE AGREEMENT WITH
IXM S.A.
    * SUMITOMO METAL MINING AND SUMITOMO CORPORATION WILL RETAIN
THEIR
20% INTEREST IN NORTHPARKES JV
    * UNDER OFFTAKE AGREEMENT IXM WILL PURCHASE FROM EVOLUTION
COPPER
CONCENTRATES PRODUCED FROM NORTHPARKES MINE
    * TRANSACTION WILL BE FUNDED BY A$525 MILLION FULLY
UNDERWRITTEN
INSTITUTIONAL PLACEMENT AND NEW A$200 MILLION 5-YEAR TERM DEBT
FACILITY
    * COMPLETION OF TRANSACTION IS EXPECTED TO OCCUR BEFORE END
OF
DECEMBER 2023
    * FOLLOWING COMPLETION, FY24 GROUP ALL-IN SUSTAINING COST
GUIDANCE
A$20/OZ LOWER AT A$1,315/OZ
    * ENTERED INTO A BINDING AGREEMENT TO ACQUIRE AN 80%
INTEREST IN
NORTHPARKES COPPER-GOLD MINE FROM CMOC GROUP LIMITED
    * A$525 MILLION PLACEMENT AT AN ISSUE PRICE OF A$3.80 PER
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Source text for Eikon:  ID:nASX69y4v0 
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