Evolution to buy Canadian gold mine Red Lake

Evolution Mining has agreed to buy Canadian gold mining complex Red Lake from Newmont Goldcorp Corporation for $US375 million ($553 million) in cash.

Evolution also agreed to pay an additional $US100 million upon new resource discovery at the mine in western Ontario.

The acquisition will be funded through a $600 million loan facility, the company said in a statement to the ASX on Tuesday.

Evolution holds gold interests in NSW and WA, with the Mungari gold operation west of Kalgoorlie.

Reuters