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May 24, 2015, 11:53 PM
- Barrick Gold (NYSE:ABX) says it is selling its Cowal mine in Australia to Evolution Mining (OTCPK:CAHPF) for $550M.
- ABX had said in February it wanted to sell Cowal, along with its Porgera mine in Papua New Guinea, to help reduce net debt by at least $3B by year-end.
- Evolution, which landed Cowal for well below the $650M it had been expected to fetch, considers the acquisition transformational for the company.
Apr. 20, 2015, 1:23 PM
- Hecla Mining (NYSE:HL) and Australia's Newcrest Mining (OTCPK:NCMGF, OTCPK:NCMGY) reportedly are among the bidders for Barrick Gold's (ABX -0.3%) Australian Cowal mine, which is on the block as ABX continues to shrink its global footprint.
- Gold Fields (NYSE:GFI) and Evolution Mining (OTCPK:CAHPF) also are said to be among other companies to have made it through to a second round of bidding for Cowal.
- ABX in February started a process to sell the mine, as well as a joint venture in Papua New Guinea; Cowal could be worth as much as $700M after the open-pit mine produced 268K oz. of gold last year.
Evolution Mining is a growth focused Australian gold company. It owns and operates five gold and silver mines in Queensland and Western Australia. The company holds 100% interest in all of its operations.<br /><br />Evolution Mining was created in late 2011 to form a mid-tier Australian gold... More
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