Minjar Gold to Acquire Evolution Mining’s Pajingo Gold Mine for A$52 Million, Queensland
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Evolution Mining Limited has entered into a binding agreement with Minjar Gold Pty Limited to sell the Pajingo gold mine and surrounding exploration tenements in North Queensland for total proceeds of up to A$52.0 million.
Evolution has consistently stated that a key objective of its corporate strategy is to improve the quality of its asset portfolio over time. The sale of Pajingo is consistent with this strategy.
“Pajingo has made a very important contribution to our business over the last six years. Evolution has grown significantly in the past 18 months and it now makes strategic sense for the asset to be operated by an emerging gold producer that can provide the right level of focus on further extending the mine’s operating life,” said Jake Klein, executive chairman of Evolution Mining.
“We thank all of our team at Pajingo for their contribution to Evolution. Their level of focus and commitment has ensured Pajingo continues to be a profitable gold mine 30 years after commencing production,” added Klein.
Evolution will book a loss on the sale of A$77.3 million based on the carrying value of the asset. The sale is expected to close on September 1, 2016.
About Minjar Gold
Minjar Gold is a wholly-owned subsidiary of Shandong Tyan Home Co. Ltd. Tyan Home is involved in property and mining. Minjar Gold owns the Minjar gold mine, 550 km northeast of Perth, Western Australia. Minjar acquired the Minjar gold mine in 2009 and delineated a resource base to support the recommencement of mining and milling operations in 2013. The operation produces approximately 35,000 ounces of gold per annum. In 2015 Minjar Gold acquired the Kirkalocka gold project, 70 km south of Mount Magnet, Western Australia. Miinjar Gold is seeking to further grow its production profile with acquisitions within Australia.
To stop by Minjar Gold’s website, CLICK HERE
About Evolution Mining
Evolution Mining is a leading, growth-focussed Australian gold miner. Following the sale of Pajingo, Evolution will operate six wholly-owned mines — Cowal in New South Wales; Mt Carlton, Mt Rawdon, and Cracow, in Queensland; and Mungari and Edna May in Western Australia.
To stop by Evolution Mining’s website, CLICK HERE
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