*DJ Evolution Mining: to Sell Mt Carlton Gold Mine to Navarre Minerals
(MORE TO FOLLOW) Dow Jones Newswires
October 04, 2021 18:06 ET (22:06 GMT)
*DJ Evolution Says Will Sell Mt Carlton for Up to A$90 Million
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October 04, 2021 18:06 ET (22:06 GMT)
*DJ Evolution Says A$40M Payable on Completion of Deal as Mix of Equity, Cash
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October 04, 2021 18:07 ET (22:07 GMT)
*DJ Evolution: A$25M Contingent on Output Milestones; A$25M a Gold Price-Linked Royalty
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October 04, 2021 18:08 ET (22:08 GMT)
*DJ Evolution Says Mine Sale Lowers FY22 Output Guidance to 670,000-725,000 Oz
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October 04, 2021 18:09 ET (22:09 GMT)
*DJ Evolution Says Mine Sale Lowers FY22 Asic Guidance to A$1,180-A$1,240/Oz
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October 04, 2021 18:10 ET (22:10 GMT)
DJ Evolution to Sell Mt Carlton Gold Mine to Navarre for Up to $66 Million
By Rhiannon Hoyle
Evolution Mining Ltd. said it will sell the Mt Carlton gold mine in Australia's Queensland state to Navarre Minerals Ltd. for up to 90 million Australian dollars (US$66 million).
The Australian miner said the deal will include A$40 million in equity and cash when it is finalized, which it expects to happen before the end of 2021. Evolution has agreed to a maximum shareholding of 19.9%, worth roughly A$20 million, the company said.
Up to A$25 million will be paid tied to gold-output milestones, while a further sum of up to A$25 million will be paid in the form of a 5% gold price-linked royalty, said Evolution.
"With the company focused on delivery of growth projects at the cornerstone assets in the portfolio, we believe now is the time to hand Mt Carlton over to an emerging gold producer who can focus on extending the operation's mine life," said Executive Chairman Jake Klein.
Evolution revised its output and cost estimates for the 2022 fiscal year lower to account for the mine's sale.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
October 04, 2021 18:21 ET (22:21 GMT)
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