{"id":2713,"date":"2023-12-05T02:08:09","date_gmt":"2023-12-05T02:08:09","guid":{"rendered":"https:\/\/economicherald.net\/?p=2713"},"modified":"2023-12-05T02:08:09","modified_gmt":"2023-12-05T02:08:09","slug":"ground-breakers-evolution-adds-to-copper-cache-with-northparkes-acquisition-sqm-forges-ahead-with-azure-takeover","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=2713","title":{"rendered":"Ground Breakers: Evolution adds to copper cache with Northparkes acquisition, SQM forges ahead with Azure takeover"},"content":{"rendered":"

China\u2019s CMOC sells 80% Northparkes mine stake to Evolution Mining for US$475m
\nLithium darling Azure files paperwork for SQM\u2019s proposed takeover, despite Rinehart and MinRes running interference
\nReward Minerals locks in a deal to buy the mothballed $400m Beyondie sulphate of potash (SOP) project for just $20m<\/p>\n

\u00a0<\/p>\n

Large copper mines continue to change hands with China\u2019s CMOC\u00a0 selling of its Northparkes mine stake to Evolution Mining (ASX:EVN)<\/a>.<\/p>\n

The 80% stake in Northparkes in NSW, which Rio Tinto sold to CMOC for US$820m in 2013 as part of a broader portfolio rationalisation, will be offloaded to EVN for US$475m.<\/p>\n

Japan\u2019s Sumitomo retains its 20% stake.<\/p>\n

Gold mid-tier EVN has been growing its copper hoard since acquiring Glencore\u2019s stake in the Ernest Henry copper and gold mine 18 months ago.<\/p>\n

The long life, low grade but highly profitable Northparkes mine is expected to substantially increase EVN\u2019s copper exposure to ~30% of revenue in FY24.<\/p>\n

It adds 25,000t copper and 38,000oz gold to EVN\u2019s production profile in FY24, boosting group guidance to 789,000oz gold and 62,500t of copper.<\/p>\n

\u201cFollowing a period of higher capital investment, the asset is now entering a cash flow generation phase, aligned with our strategy to continue to deleverage our balance sheet while delivering returns to our shareholders,\u201d EVN MD and CEO Lawrie Conway says.<\/p>\n

However, EVN also inherits a gold streaming agreement, which saw CMOC receive ~$US550m up front in 2019 for 630,000oz gold, and 9Moz to be delivered over the ensuing years.<\/p>\n

Just 38,000oz has been delivered to date.<\/p>\n

In addition to this advance amount, buyer Triple Flag has been paying 10% of the spot gold and silver prices for each ounce delivered under the streaming agreement. Ouch.<\/p>\n

This locks up 67.5% and 100% of EVN\u2019s share of gold and silver production, respectively, which will fall to 33.75% and 50% in future years.<\/p>\n

The deal will be funded by a $525m institutional placement, share purchase plan and a $200m debt facility.<\/p>\n\n

\ufeff<\/span><\/span>
\n\u00a0<\/p>\n

SQM forges ahead with Azure takeover despite interference, weak prices<\/h2>\n

Lithium darling Azure Minerals (ASX:AZS)<\/a> has today filed paperwork for SQM\u2019s proposed takeover at $3.52\/sh, despite Gina Rinehart and MinRes potentially running interference<\/a>, Liontown style.<\/p>\n

Going, Going \u2026 Albemarle pulls the pin on $6.6 billion Liontown mega lithium deal amid Rinehart shenanigans https:\/\/t.co\/zOXYxHSA5u<\/a><\/p>\n

\u2014 Maureen O\u2019Mahoney (@cheerio46) October 16, 2023<\/a><\/p>\n\n

Rinehart and Minres have accrued 18.9% and 13.6% stakes in the tier 1 explorer in the wake of SQM\u2019s $1.63 billion takeover offer in October.<\/p>\n

SQM, potentially learning from Albemarle\u2019s mistakes, will launch a simultaneous conditional off-market takeover offer for $3.50\/sh should the scheme not be successful.<\/p>\n

The deal is being pushed through as lithium prices plumb new lows, with most stocks bearing the brunt.<\/p>\n

AZS fell ~4.5% in early trade to $3.53\/sh, a small premium to the SQM offer price.<\/p>\n\n

<\/span>
\n\u00a0<\/p>\n

Can Reward breathe new life into a failed potash play?<\/strong><\/h2>\n

Minnow Reward Minerals (ASX:RWD)<\/a> has locked in a deal to buy the mothballed Beyondie sulphate of potash (SOP) project for just $20m from the administrators of Kalium Lakes.<\/p>\n

Developed and built for an initial ~$400m in 2021, the operation soon hit difficulties during ramp-up which forced Kalium to tap the market for another +$100m.<\/p>\n

The company was put out of its misery with the appointment of receivers in August this year.<\/p>\n

It represents a nightmare-inducing period for WA SOP investors which also saw Salt Lake Potash (ASX:SO4)<\/a> \u00a0go into\u00a0receivership owing US$127 million<\/a>\u00a0in 2021.<\/p>\n

The deal has been great for the RWD share price, however:<\/p>\n\n

\ufeff<\/span><\/span>
\n<\/span><\/p>\n

The post Ground Breakers: Evolution adds to copper cache with Northparkes acquisition, SQM forges ahead with Azure takeover<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

China\u2019s CMOC sells 80% Northparkes mine stake to Evolution Mining for US$475m Lithium darling Azure files paperwork for SQM\u2019s proposed takeover, despite Rinehart and MinRes [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":2714,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nGround Breakers: Evolution adds to copper cache with Northparkes acquisition, SQM forges ahead with Azure takeover - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=2713\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ground Breakers: Evolution adds to copper cache with Northparkes acquisition, SQM forges ahead with Azure takeover - 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