Evolution to acquire copper-gold miner Carnaby in $149 million deal
2026-07-29 11:11:54 [Print]
Evolution Mining announced on Monday that it has agreed to acquire Carnaby Resources in a transaction valued at approximately A$213 million (US$149 million). The acquisition will be executed through a scheme of arrangement, under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held.
The deal includes the Greater Duchess project, a copper-gold development located near the Ernest Henry Operations in northwest Queensland. This acquisition provides Ernest Henry with a second source of ore feed.
The project is currently at the pre-feasibility stage and hosts a reported mineral resource of 29.2 million metric tonnes at 1.3% copper and 0.2 grams per tonne gold, along with an ore reserve of 8.4 million metric tonnes at 1.7% copper and 0.3 grams per tonne gold. By leveraging spare mill capacity and existing infrastructure at Ernest Henry, the acquisition is expected to boost Evolution's annual copper production by approximately 10,000 tonnes.
The deal includes the Greater Duchess project, a copper-gold development located near the Ernest Henry Operations in northwest Queensland. This acquisition provides Ernest Henry with a second source of ore feed.
The project is currently at the pre-feasibility stage and hosts a reported mineral resource of 29.2 million metric tonnes at 1.3% copper and 0.2 grams per tonne gold, along with an ore reserve of 8.4 million metric tonnes at 1.7% copper and 0.3 grams per tonne gold. By leveraging spare mill capacity and existing infrastructure at Ernest Henry, the acquisition is expected to boost Evolution's annual copper production by approximately 10,000 tonnes.
Blister Copper 98.5%min Delivered China RC
Unit:RMB/mt
China refined copper producers' sales volume statistics by province by month
Unit: mt
