Allens has advised Evolution Mining Limited (Evolution) on its $1 billion acquisition of 100% of the shares in Ernest Henry Mining, the owner of the copper-gold Ernest Henry Mine in Queensland.
In 2016, Allens advised Evolution on its initial $880 million acquisition of an economic interest in 100% of the gold rights and 30% of the copper rights in the Ernest Henry Mine. Upon completion of the $1 billion deal in January 2022, Evolution will assume full ownership and operatorship of the Ernest Henry Mine.
M&A Partners Mark McAleer and John Hedge led the Allens team on the acquisition.
'Allens feels privileged to have advised Evolution throughout its journey, from its initial establishment through to being one of Australia's top three gold mining companies. We very much enjoy working closely with the Evolution team on transactions of this nature and highly value our relationship with Evolution. We are particularly pleased to have assisted with this transaction, which is a logical step for Evolution following the economic interest acquisition in 2016,' said lead Partner Mark McAleer.
Commenting on the transaction, Executive Chairman of Evolution, Jake Klein, said, 'The 2016 transaction which the Allens team advised us on was an innovative and unique structure, which has not only been commercially very successful, but also positioned us to be able to secure full ownership of this world class operation. The Allens team's knowledge, work ethic and negotiating skills were critical to us successfully finalising this important $1 billion acquisition for Evolution.'
This financial year, Allens, led by M&A Partner Mark McAleer, also advised Evolution on its strategic $400 million acquisition of the Kundana gold operations from Northern Star Resources and its $90 million divestment of the Mt Carlton gold mine to Navarre Minerals.
