Evolution Mining commits to acquiring 80% of Northparkes Mine for US$475 million

Evolution Mining Limited (ASX: EVN) has committed to acquiring an 80% stake in the Northparkes Copper-Gold Mine from CMOC Group Limited for up to US$475 million. Sumitomo retains 20% in Northparkes JV. Evolution acquires all CMOC Mining Pty Ltd shares without triggering preemptive rights. Additionally, Evolution will enter an offtake agreement with IXM S.A. for copper concentrates.

To fund this, Evolution plans a fully underwritten AU$525 million institutional placement, a new AU$200 million 5-year Term Debt Facility, and a non-underwritten share purchase plan for eligible retail shareholders. This funding strategy will not only facilitate the acquisition but also assist with integration costs and support general working capital needs, demonstrating a significant financial commitment to the success of the transaction and subsequent operations.

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