Deals
Glencore Agrees $670 Million Sale of Australian Gold Output
- Evolution Mining to acquire gold production from Ernest Henry
- Deal gives Australian gold producer 30% stake in operation
Glencore Seeks to Dig Itself Out of Debt Hole
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Glencore Plc, the miner and trader that’s sold assets and shares to cut debt, agreed a A$880 million ($670 million) deal to sell future output from an Australian copper and gold mine to Evolution Mining Ltd.
Evolution, Australia’s second-largest gold producer, will receive the equivalent of 100 percent of future gold and 30 percent of copper and silver production from the Ernest Henry operation in Queensland, Glencore said Wednesday in a statement. Evolution will also take a 30 percent interest in the mine.