Evolution Mining Buys Carnaby Resources for $213M Copper Boost

Evolution Mining Ltd (ASX: EVN) has announced its acquisition of Carnaby Resources Ltd (ASX: CNB), a deal valued at approximately $213 million. The acquisition brings the Greater Duchess Project into Evolution's portfolio, adding an estimated 10,000 tonnes per annum of copper production potential to Ernest Henry.

The acquisition values Carnaby at roughly a 60.4% premium to its prior closing price. Existing tolling and offtake agreements between Carnaby and Glencore will be terminated, clearing the way for integration into Evolution's operations.

Evolution Mining's managing director and CEO, Lawrie Conway, said: 'The acquisition of Carnaby represents an exciting opportunity to add the Greater Duchess project to our portfolio... The combination of Ernest Henry's Bert project and Greater Duchess enhances our ability to continue to maximise production and growth at Ernest Henry.'