Nov 24, 2017 Last Updated 3:11 PM, Nov 24, 2017

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Evolution Mining deliberates sale of WA gold mine

gold nuggetsAusBNAusBN - Evolution Mining (ASX:EVN) confirmed it has received a number of offers for its Edna May gold mine in Western Australia, but will consider its options before committing to the sale.

Australia’s second largest gold miner is following a strategy to increase the quality of its asset portfolio over time, where it will consider various acquisition and divestment opportunities.

Last year Evolution sold its Pajingo gold mine in Queensland to Chinese-owned Minjar Gold for about AUS$50 million and made a major $880 million investment in Glencore’s Ernest Henry mine in the same state.

During the 2016/17 financial year, the Edna May mine produced 70,188 ounces of gold, roughly 8% of Evolution’s total gold production.

“Evolution plans to progress these offers and will update the market if any binding agreement to sell the asset is entered into,” said the company in a statement.

RBC Capital Markets analyst Paul Hissey estimated that Edna May could be worth around $125 million, based on current reserves of 426,000 ounces over five and a half years.

@AusBNOnline

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