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Navarre Minerals acquires $90m gold mine
Navarre Minerals has progressed from being a gold explorer to a gold producer with the purchase of Mt Carlton gold mine in Queensland.
Lauren Croft
Firm: King & Wood Mallesons (Navarre Minerals).
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Deal: KWM has advised Navarre on its acquisition of Mt Carlton Gold Mine, and associated assets, from Evolution Mining for $90 million.
Value: $90 million.
Area: M&A.
Key players: KWM is proud to have advised Navarre on all legal aspects of the transaction and share placement. The KWM team was led by partners Scott Langford and Will Heath, supported principally by senior associates Evelyn Peter, James Semit and David Vincent.
Deal significance: The acquisition covers the fully operational Mt Carlton open pit and underground gold mining operation, as well as the nearby Crush Creek project.
Navarre announced the signing of the acquisition agreement with Evolution on 5 October 2021, following the completion of a bookbuild for an underwritten equity raising of up to $40 million, mainly to fund the upfront consideration component of $25 million. The deal was finalised in December 2021.
Mr Langford and Mr Heath commented: “We congratulate our valued client, Navarre, on achieving this transformational acquisition. We are thrilled to have been able to assist Navarre on the transaction, and look forward to supporting Navarre into the future as it becomes a gold producer with bright prospects.”
