Evolution’s ‘win-win’ Edna May deal
Edna May is 350km east of Perth, WA. Image: Evolution Mining. BY ELIZABETH FABRI AUSTRALIA’S second largest gold miner Evolution Mining has agreed to sell its Edna May project in WA to Ramelius Resources for up to $90 million. After months of speculation, Evolution confirmed rumours in September that it would be offloading the WA mine to improve the quality of its asset portfolio. Ramelius’ annual group production will increase by an estimated 54 per cent to between 195,000oz and 205,000oz. The sale involved an initial $40 million cash payment, and an additional $20 million in cash or Ramelius shares upon a board approved decision to mine the Edna May Stage 3 open pit. Evolution will also receive royalty payments...