Evolution Mining Limited’s A$1 Billion Acquisition of Ernest Henry Mine

Allens has advised Evolution Mining Limited on the acquisition of 100% of the shares in Ernest Henry Mining.

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 (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 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. 

The transaction is expected to close in early January 2022.

Evolution Mining (ASX:EVN) is a leading, globally relevant gold miner.

Glencore (LON:GLEN) is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. 

The Allens’ team was led by Partners Mark McAleer (Picture) and John Hedge, assisted by Anne Nguyen (Managing Associate), Lara Moreton (Senior Associate), Emma Morris (Associate), Cassandra Lee (Lawyer), Jesse Lines (Lawyer), Emma McLaughlin (Lawyer), Kyle Eggins-Allman (Lawyer), Alex Forster (Lawyer) (M&A); Eve Lynch (Partner), Katherine McLellan (Senior Associate), Darcy Doyle (Senior Associate), Alisha Bond (Associate), Isaac St Clair-Burns (Associate), Shayne Solin (Lawyer) (Environment & Planning); Veronica Siow (Partner), Stephanie Paolino (Associate) (Employment & Safety); Renee Boundy (Partner), Sunny Jong (Senior Associate) (Finance); Craig Milner (Partner), Joseph Power (Partner), Jay Prasad (Managing Associate), Tom Tian (Senior Associate), George Bishop (Associate), Nancy Goh (Lawyer), Madeline Fisher (Lawyer)(Tax). 

 

 

 

 

Involved fees earner: George Bishop – Allens; Alisha Bond – Allens; Renee Boundy – Allens; Darcy Doyle – Allens; Kyle Eggins-Allman – Allens; Madeline Fisher – Allens; Alex Forster – Allens; Nancy Goh – Allens; John Hedge – Allens; Sunny Jong – Allens; Cassandra Lee – Allens; Jesse Lines – Allens; Eve Lynch – Allens; Mark McAleer – Allens; Emma McLaughlin – Allens; Katherine McLellan – Allens; Craig Milner – Allens; Lara Moreton – Allens; Emma Morris – Allens; Anne Nguyen – Allens; Stephanie Paolino – Allens; Joseph Power – Allens; Jay Prasad – Allens; Veronica Siow – Allens; Shayne Solin – Allens; Isaac St Clair-Burns – Allens; Tom Tian – Allens;

Law Firms: Allens;

Clients: Evolution Mining Ltd;

Author: Sonia Carcano