Aeris completes Cracow gold purchase
Executive chairman Andre Labuschagne says Aeris is excited at both the production and exploration potential at Cracow and has committed about $13 million to exploration over the next two years.
Aeris has agreed to pay Evolution $60 million upon closing the transaction, a further $15 million on June 30 next year and up to $50 million n royalties.
The Cracow gold mine has been operating continuously since 2004, producing more than 1.4 million ounces over its life.
“The Cracow gold operations are a great fit for Aeris and we welcome the on-site team into the Aeris family,” Mr Labuschagne said.
The underground mine – owned by Evolution since 2011 – has a workforce of about 220 full-time employees and 45 contractors.
Aeris is headquartered in Brisbane, with assets including the Tritton copper operation in New South Wales and a stake in the Torrens exploration project in South Australia.
It is also the 100 per cent holder of tenements comprising the Yandan project, about 40km west of Mount Coolon and 155km south-east of Charters Towers.
The gold project, in the Drummond Basin, is centred on the former Yandan mine was operated by Ross Mining between 1985 and 1990.
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