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West coast gold mine changes hands

West coast gold mine changes hands

Andrew Wong

Evolution Mining has sold a mine in Western Australia as part of its latest mining asset portfolio strategy.

Firms: Allens (Evolution Mining Ltd); DMAW Lawyers (Ramelius Operations Pty Ltd)

Deal: The Edna May gold mine has been sold to Ramelius Operations Pty Ltd (Ramelius Operations) by Evolution Mining Ltd (Evolution Mining).

Value: $90 million (approx.)

Area: M&A

Key players: The Allens team advising Evolution Mining was led by partner Mark McAleer and M&A counsel Andrew Wong (pictured). They were assisted by partner Guy Alexander, associates Tom Hall and Suzana Vukasinovic.

Deal significance:

The Edna May gold mine in Western Australia has been sold by Evolution Mining.

Allens partner Mark McAleer, who led the team advising the vendor, said that the group was committed to maintaining its mining asset portfolio.

“Evolution Mining is focused on delivering on its strategy of holding a portfolio of premium mining assets,” Mr McAleer said.

Last year the firm advised the company on the acquisition of an economic interest in the Ernest Henry Mine in Queensland, as well as a similar acquisition Cowal from Barrick.

“We enjoy supporting the business as it executes on its strategy and look forward to continuing to work with the Evolution team,” Mr McAleer added.

Ramelius Operations is a wholly owned subsidiary of Ramelius Resources Limited.

As part of the Edna May acquisition deal, Ramelius Operations made a $40 million cash payment to Evolution Mining, in addition to up to $50 million of contingent consideration comprising a royalty and cash and/or Ramelius shares.

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