GLENCORE SELLS 100% OF ITS ERNEST HENRY COPPER/GOLD MINE

Seems money comes easy to some, in the Gold Producer industry. Certainly in the case of Evolution Mining, who has just forked out an amazing, if not staggering $1 Billion for the entire 100% of the Glencore owned, Ernest Henry Copper/Gold Mine, parked in the southern portion of the Mt Isa Inlier. Ernest Henry Copper/Gold Mine has been in production, commencing as an open cut mining operation, before venturing underground approximately 20 years ago. The mine is extremely conveniently located a few klms north of the regional booming mining township of Cloncurry, around 800klm west of Townsville in Queensland. The payment for the purchase is broken into two tranches, a $800m payment now and a further $200m within 12 months.

Evolution has worked in partnership with Glencore for the past five years. Part of the deal is that Evolution will enter into an agreement with Glencore for the 100% offtake for the Copper/Gold concentrate production.

Evolution produced 680,788 ounce of Gold for the full year for 2021 at an average AISC cost A1, 215 per ounce maning it one of the worlds lowest cost Gold producers.

Goldman

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