Australian gold miner Evolution Mining Limited has completed the acquisition of an economic interest in the Ernest Henry copper-gold operation.
All customary conditions precedent to this acquisition have been completed and fulfilled.
Ernest Henry is a copper-gold asset located around 35km north-east of Cloncurry in Queensland, Australia.
This asset is known for its stable, large-scale and cost-effective production.
Currently, the mine holds a life of at least 11 years.
Ernest Henry has strong potential growth prospects beyond its current reserve life through its large resource base and extension potential at depth.
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Ernest Henry is expected to immediately contribute annualised gold production of approximately 85,000oz at a very low all-in sustaining cost, including copper and silver by-product credits.
Evolution Mining executive chairman said: “The addition of low-cost gold production from Ernest Henry to our portfolio gives us exposure to another high-quality, long-life asset that further underpins the future success of our business.
“Evolution is building a portfolio of high-quality, long-life assets that will prosper through the gold cycle.”
The company estimates gold production in 2017 fiscal to be around 800,000oz-860,000oz at A$900-A$960 per ounce.