Evolution Mining Ltd.OTCPK - Current
Evolution Mining Handing It To La Mancha
Fri, Oct. 7, 9:37 PM
- Barrick Gold’s (NYSE:ABX) 50% stake in the Kalgoorlie super pit gold mine has attracted interest from Kinross Gold (NYSE:KGC) and Zijin Mining (OTCPK:ZIJMF) in a sale that could fetch as much as $1B, Bloomberg reports.
- Australia's Newcrest Mining (OTCPK:NCMGF), Northern Star Resources (OTCPK:NESRF) and Evolution Mining (OTCPK:CAHPF), as well as some Chinese companies, also are considering bids, due by the end of October, according to the report.
- ABX is said to be considering ways to structure the sale, including the possibility of selling shares in the holding company that owns the mine, which would not include a right of first offer for Kalgoorlie operator and joint venture partner Newmont Mining (NYSE:NEM) and thus would allow other buyers to potentially acquire the stake.
- NEM has expressed interest in the 50% of the mine it does not already own ever since ABX announced plans to sell its stake in July.
Wed, Aug. 24, 4:06 AM
- Glencore's (OTCPK:GLCNF) H1 adjusted net profit slumped two thirds to $300M and missed consensus of $318M.
- Adjusted underlying profit (EBITDA) fell 13% to $4B.
- Still, Glencore has cut debt to $23.6B by divesting assets and today said that it's agreed to sell future output from an Australian gold and copper mine for $670M to Evolution Mining (OTCPK:CAHPF).
- Glencore also set a new target of reduce debt to $16.5-17.5B by the end of year vs a previous aim of $17-18B.
- Shares are -2.6% in London. (PR)
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.