Gold miner Evolution open to more North America, Australia deals
Evolution Mining will consider acquisitions in Australia and North America and hasn’t ruled out buying assets from Northern Star Resources should they come to market.
Evolution is looking at more deals after buying a copper and gold project close to its Ernest Henry mine in Queensland, CEO Lawrie Conway told Bloomberg TV on Thursday.
“We’re always looking for opportunities.” Conway said, “We’ve always said tier-one jurisdictions, that is in Australia and North America.”
Dealmaking across the gold mining sector has surged over the last 12 months, driven by soaring prices. Bullion has risen nearly 80% in two years and was trading at almost $4 500 an ounce on Thursday.
Last month’s purchase of Carnaby Resources was valued at about A$213-million ($152-million). Any further deals would be of a similar nature, Conway said. Should Evolution’s peer Northern Star look to divest assets, he said the company would “certainly have a look.”
Northern Star is currently reviewing its portfolio after facing pressure from activist investor Elliott Investment Management to sell mines or even the whole company.
Evolution posted net income of A$1.48 billion for the full year, up 59% on the same period last year, owing to high gold prices and strong production, the company said Wednesday.
