Evolution buys Newcrest mine

Gold miner Evolution will pay Newcrest around $10m for control of the Marsden project in NSW.

Evolution chairman Jake Klein and Cowal employee Cassie Schiller with the Melbourne Cup at the Cowal gold mine.

Gold miner Evolution will pay Newcrest around $10 million for control of the Marsden copper-gold project in New South Wales.

The figure incorporates a $3m upfront cash payment and a $7m future payment contingent on a decision to mine.

Evolution (EVN) said the project had strategic value given it was located immediately southeast of its Cowal gold mine.

“The Marsden project provides long term optionality to our nearby Cowal operation and has the potential to further extend the life of what is already a long-life operation,” executive chairman Jake Klein said.