Evolution Mining completed the acquisition of an 80% interest in the Northparkes Copper-Gold Mine from CMOC Group.

The mine, situated 27km northwest of Parkes in New South Wales, Australia, boasts significant porphyry copper and gold deposits suitable for bulk cave mining.

Evolution paid CMOC US$399 million ($603 million) for the acquisition, funded by a recent $525 million institutional placement and a new $200 million five-year term debt facility.

Evolution also disclosed details of a non-underwritten share purchase plan targeting up to approximately $60 million.