Evolution to acquire CMOC’s 80% interest in Northparkes mine
Evolution to acquire CMOC’s 80% interest in Northparkes mine Evolution Mining (ASX: EVN) has agreed to buy an 80% interest in the Northparkes copper-gold mine in NSW from CMOC Group Limited for a total cash consideration up to $722m (US$475m), with Sumitomo Metal Mining and Sumitomo Corporation retaining their 20% interest in the JV. Evolution has also agreed to enter into an offtake agreement with IXM S.A., a subsidiary of CMOC, under which IXM will purchase from Evolution copper concentrates produced from the Northparkes mine equal to Evolution’s 80% attributable interest over the life of mine’s existing ore reserves. In...