Evolution to acquire Ernest Henry Mining from Glencore
(Posted on 25/11/21)
Glencore and Evolution Mining Limited (Evolution) 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 (EHM) copper-gold mine in Queensland, Australia.
Glencore will receive A$1 billion, comprising A$800 million on the closing of the transaction and a further A$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.
Jake Klein, Evolution Mining, Executive Chairman, commented: “We have long coveted to own Ernest Henry. It is a world class asset, in Australia, and one which we know extremely well due to our successful investment in the asset in 2016 and we are proud that it will once again be 100% Australian owned. The acquisition is consistent with our strategy, materially improves the quality of our portfolio and delivers both strong cashflow and mine life extension opportunities.
The site management team have an outstanding track record of operational delivery and we are delighted they will be joining Evolution and look forward to working with them to make this an even better operation.
We are also pleased to be continuing our strong relationship with Glencore and that the product will continue to be treated in the local region at its Mt Isa smelter and Townsville refinery.”
Gary Nagle, CEO, Glencore, commented: “Evolution has been a strong partner in the Ernest Henry mine for five years. They share our way of working and commitment to operating responsibly across all aspects of the business.”
Glencore’s commitment to north-west Queensland will continue with the Mount Isa Mines copper and zinc complex, copper smelter and Townsville copper refinery. Glencore will also increase its focus on lower-cost, long-life copper assets in its global portfolio like those in Africa and South America.
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.
Latest News
Pilbara production record as Rio Tinto releases Q2 results
(Posted on 16/07/26)Rio Tinto has driven performance to achieve 3% YoY CuEq1 growth in the first half of 2026.Chief Executive... Read more
Record iron ore production helps strengthen BHP growth pipeline
(Posted on 16/07/26)BHP have released its Operational Review for the year ended 30 June 2026.Chief Executive Officer, Brandon... Read more
Stranded sulphur cargoes in Gulf face mounting corrosion risk, warns Brookes Bell
(Posted on 07/07/26)Bulk carriers carrying elemental sulphur cargoes in the Strait of Hormuz are at significant risk of... Read more
BHP and Faraday Copper sign definitive San Manuel agreement
(Posted on 06/07/26)Further to BHP’s announcement in February, BHP, through a wholly owned subsidiary, has executed... Read more
Urea price dive hits Australian grain suppliers
(Posted on 03/07/26)Australia’s Federal Government's fertiliser support package has come under scrutiny as global... Read more
SSAB pauses work at construction site in Luleå
(Posted on 30/06/26)SSAB has once again paused work at the construction site for its new steel mill in Luleå, Sweden... Read more
Trafigura issues USD500 million senior bond
(Posted on 29/06/26)Trafigura Group Pte Ltd. has announced the issuance of a USD500 million senior Reg S bond with a five... Read more
NGFA welcomes Senate Farm Bill proposal
(Posted on 29/06/26)The National Grain and Feed Association (NGFA) in the USA has welcomed the release of Senate Agriculture... Read more
Agreement paves way to deliver 2.7 million tonnes of additional copper production
(Posted on 25/06/26)Anglo American plc, through its 50.1%-owned subsidiary, Anglo American Sur S.A., and Codelco, have announced... Read more
SSAB and partners launch closed loop steel recycling initiative in US
(Posted on 24/06/26)SSAB Americas, The Greenbrier Companies and Alter Trading are partnering on a circular economy project... Read more
