Aeris’ crack at Evolution mine

Jun 4, 2020 | News

Pictured: Evolution Executive Chairman Jake Klein

Aeris Resources Ltd (ASX:AIS) to purchase Cracow gold mine, Queensland, from Evolution Mining Ltd (ASX:EVN) for up to $125 million, including $60 million cash upon sale completion expected at the end of this month.

EVN executive chairman Jake Klein said Cracow has more value in Aeris’ hands and the divestment is consistent with the company’s strategy to hold 6-8 assets with an average mine life of 10 years.  EVN acquired Cracow in 2011, with the mine performing reliably for the company.

“We thank everyone at Cracow for their contribution to Evolution. One of our sustainability commitments is to leave a lasting positive legacy in the communities in which we operate and we are confident that our relationships within the broader community around Cracow, including the traditional custodians of the land, the Wulli Wulli People, reflect this. We also believe that Aeris will prove to be a great partner for the community going forward,” Klein said.