StockMarketWire.com - Mining giant Glencore said it had entered into an agreement with Evolution to sell its stake in Ernest Henry Mining, the owner of the Ernest Henry Mining copper-gold mine in Queensland, Australia, for A$1 billion.

Under the deal, Glencore would receive A$1 billion, comprising A$800 million on the closing of the transaction and a further A$200 million payable 12 months after the transaction closes.

Evolution, a local Australian company, had worked in partnership with Glencore for the past five years at Ernest Henry Mining.

Evolution would assume 'full ownership and operational control of the copper-gold mine and will enter into a copper concentrate offtake agreement and separate ore tolling agreement with Glencore,' the company said. The transaction was expected to close in early January 2022.


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