Evolution Mining will pay a Chinese company almost $720 million for the lion’s share of the Northparkes copper and gold mine in Central Western NSW after becoming part of a bidding war for the asset.
Under the deal with China Molybdenum Company (CMOC), Evolution will own 80 per cent of Northparkes while Japanese conglomerate Sumitomo retains 20 per cent stake.
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Brad Thompson writes across business and politics from Western Australia for The Australian Financial Review. Brad is based in our Perth bureau. Connect with Brad on Twitter. Email Brad at brad.thompson@afr.com
