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
SSAB delivers decarbonised steel to Vattenfall’s solar park project in Germany
(Posted on 29/05/26)SSAB is supplying decarbonised steel to Vattenfall for the construction of the ground-mounted solar... Read more
NGFA statement on STB’s decision to conditionally accept rail merger application
(Posted on 29/05/26)In accordance with the Surface Transportation Board’s merger rules, the Board has conditionally... Read more
EU feed production market forecast highlights continued stability
(Posted on 25/05/26)FEFAC market experts are forecasting continued stability in the EU compound feed production market for... Read more
Fertilizer Action Plan: recognition must now translate into delivery
(Posted on 22/05/26)Fertilizers Europe has acknowledged the European Commission’s Fertilizer Action Plan, which recognises... Read more
Tripartite MOU to establish direct U.S.–DRC cobalt supply chain
(Posted on 14/05/26)Entreprise Générale du Cobalt, EVelution Energy LLC and Trafigura Pte Ltd. has announced... Read more
Commissioning of Oxelösund electric arc furnace delayed due to permitting
(Posted on 14/05/26)SSAB’s conversion of the mill in Oxelösund to fossil-free production is being delayed due... Read more
YEC agreement supports decarbonisation of Rio Tinto’s Pilbara iron ore operations
(Posted on 11/05/26)Yindjibarndi Energy Corporation (YEC), one of Australia’s largest Indigenous-led renewable energy... Read more
ASA Vice President urges caution in USTR Section 301 investigation
(Posted on 11/05/26)Soybean farmers are already facing significant economic headwinds and new trade actions could add further... Read more
ADM investment to upgrade Clinton, Iowa, corn processing facility
(Posted on 11/05/26)ADM, a global leader in innovative solutions from nature, has announced a multimillion-dollar investment... Read more
JV in Bayuquan, China to strengthen global raw material supply chains
(Posted on 04/05/26)CREMER ERZKONTOR GmbH has announced the official opening of its joint venture, CREMER (Yingkou) Supply... Read more
