Loading ...Nov 26 (Reuters) – Australia’s Evolution Mining Ltd on Tuesday agreed to buy Canadian gold mining complex Red Lake from Newmont Goldcorp Corp for $375 million in cash.
Evolution also agreed to pay an additional $100 million upon new resource discovery at the mine.
“Red Lake is an under-capitalised asset which, through a committed investment in development and exploration, is intended to become a cornerstone asset in the Evolution portfolio,” said Jake Klein, Evolution’s executive chairman.
Newmont said in a statement that the sale was part of its efforts to streamline its asset base.
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