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Evolution buys Glencore mine for $880m

AAP logoAAP 23/08/2016

Evolution Mining has agreed to buy the Ernest Henry copper and gold mine in Queensland from Glencore for $880 million.

Australia's second largest gold miner by output, which has made a spate of acquisitions in the past two years, says the latest deal will be earnings, cash flow and value accretive and extends the company's average reserve life.

The company is raising $401 million through an underwritten rights share offer to partly fund the transaction, and will raise a $500 million five-year term loan to fund the balance. Evolution shares were put in a trading halt on Friday ahead of the share offer.

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