Allens helps Evolution Mining acquire economic interest in Ernest Henry Mine

Allens has acted for Evolution Mining on its acquisition of an economic interest in the Ernest Henry Mine in Queensland, and on the equity raising and debt package to fund the acquisition.

The deal firmly establishes Evolution as a global mid-tier miner, with a market capitalisation approaching A$4 billion.

The deal was interesting, as it involved the acquisition of 100 per cent of the gold production and 30 per cent of the copper and silver production at Ernest Henry, and included joint venture type governance rights and protections. The deal also includes a 49 per cent economic interest in potential expansions of the operations at Ernest Henry through new reserves and regional acquisitions.

Commenting on the deal, M&A Partner Guy Alexander said: 'Allens has been with Evolution throughout its journey from a small company with one development project, to having seven mines and an enterprise value of well over $4 billion. Last year, we also acted for Evolution on its A$700 million acquisition of Cowal from Barrick and the associated equity capital raising and debt package.'

Evolution Executive Chairman, Jake Klein said: 'The Ernest Henry acquisition is a substantial step forward in delivering on our strategy. Allens has been with us on our journey from the beginning, and has been a key adviser to our business. We really value our relationship with the firm.'

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