Evolution Mining mulls sale of Edna May gold mine

Evolution Mining is considering the sale of its Edna May gold mine in Western Australia, after receiving several acquisition offers.

Edna May achieved an earnings before interest, taxes, depreciation and amortisation (EBITDA) margin of 10 per cent in the 2017 financial year and produced 70,188 ounces of gold – around eight per cent of Evolution’s total gold production for the 2017 financial year.

The company received a number of offers to acquire the gold mine and is considering whether selling it would be in the best interests of its stakeholders.

Evolution said one of the key objectives of its corporate strategy is to “increase the quality of its asset portfolio over time” and this includes constantly evaluating acquisition and divestment opportunities.

Evolution plans to progress with its offers and will provide an update it if it enters any binding agreement to sell the mine.

Earlier this year Evolution Mining secured an earn-in joint venture with Menninnie Metals for the South Gawler copper-gold project in South Australia.