Evolution gains access to East Kundana with Tribune investment

Evolution Mining has invested $41.3 million in Tribune Resources, owner of a key stake in the East Kundana gold operation in the Goldfields, Western Australia.

The cash investment to acquire 11.05 million shares gives Evolution Mining a 19.9 per cent interest in Tribune.

East Kundana is a joint venture between operator Northern Star Resources (51 per cent), Tribune (36.75 per cent) and Rand Mining (12.25 per cent).

Northern Star Resources bid $150 million to acquire the 49 per cent stake it does not already own of the joint venture last November.

The offers were rejected by both joint venture partners during December.

The East Kundana tenements are adjacent to Evolution’s 1.7 million tonnes per annum Mungari processing plant, around 20 kilometres west of Kalgoorlie.

They hosted a mineral resource of 10.54 million tonnes at 6.1 grams a tonne for 2.06 million ounces gold, and reserves of 6.15 million tonnes grading 6.3 grams a tonnes for 1.24 million ounces gold at June 30 2018.

Tribune also owns a 44.2 per cent interest in Rand Mining.

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