Evolution Mining acquires Carnaby Resources for $213M

• • Evolution Mining has entered into a binding deed to acquire 100% of Carnaby Resources.
  • The all-scrip deal values Carnaby Resources at approximately $0.77 per share.
  • The acquisition expands Evolution Mining's copper growth pipeline near its Ernest Henry operations in Queensland.

Evolution Mining (ASX:EVN) has agreed to acquire 100% of Carnaby Resources (ASX:CNB) through a binding scheme implementation deed.

The transaction values Carnaby at approximately $0.77 per share.

Under the all-scrip deal, Carnaby shareholders will receive 0.0682 new Evolution shares for each share held.

Evolution stated that the transaction is expected to deliver approximately 10,000 tonnes per annum of additional copper production.

Following the announcement, the Evolution Mining share price was unchanged at $11.29.

The Greater Duchess project will be integrated into Evolution's established Ernest Henry operations in North West Queensland.

All Carnaby directors have unanimously recommended that shareholders vote in favour of the scheme.