Glencore and Evolution Mining Limited have entered into a binding agreement for the sale and purchase of Glencore’s 100% interest in Ernest Henry Mining Pty Ltd, the owner of the Ernest Henry Mining copper-gold mine in Queensland, Australia. Glencore will receive AUD 1 billion, comprising AUD 800 million on the closing of the transaction and a further AUD 200 million payable 12 months after the transaction closes. Evolution will assume full ownership and operational control of the copper-gold mine and will enter into a copper concentrate offtake agreement and separate ore tolling agreement with Glencore. Evolution, a local Australian company, has worked in partnership with Glencore for the past five years at EHM and has emerged as a globally relevant low-cost gold producer with a strong growth profile.Glencore will offtake 100% of the copper concentrate produced at EHM. Glencore will continue to be among Australia’s leading producers and exporters of the green metals that underpin the global transition to a low-carbon future.The transaction is expected to close in early January 2022.
Glencore and Evolution Mining Limited have entered into a binding agreement for the sale and purchase of Glencore’s 100% interest in Ernest Henry Mining Pty Ltd, the owner of the Ernest Henry Mining copper-gold mine in Queensland, Australia. Glencore will receive AUD 1 billion, comprising AUD 800 million on the closing of the transaction and a further AUD 200 million payable 12 months after the transaction closes. Evolution will assume full ownership and operational control of the copper-gold mine and will enter into a copper concentrate offtake agreement and separate ore tolling agreement with Glencore. Evolution, a local Australian company, has worked in partnership with Glencore for the past five years at EHM and has emerged as a globally relevant low-cost gold producer with a strong growth profile.Glencore will offtake 100% of the copper concentrate produced at EHM. Glencore will continue to be among Australia’s leading producers and exporters of the green metals that underpin the global transition to a low-carbon future.The transaction is expected to close in early January 2022.
