Evolution Mining enters northwest gold camp with plans to boost production, lower operating costs, spend like mad on exploration
Evolution Mining, a leading Australian gold producer, is making a big-splash entry into Canada by acquiring the Red Lake Gold Complex from Newmont Goldcorp in a cash deal worth US$475 million. The Sydney and Perth-headquartered gold miner made the announcement on Nov. 26, Australian time.
The news release included details of a three-year “turnaround” plan to “reinvigorate” the northwestern Ontario gold camp by reducing operating costs, increasing production, and extending mine life.
According to the terms of the transaction, Evolution will pay Newmont Goldcorp US$375 million at close, plus an additional US$100 million contingent on a new resource discovery. Continue Reading →