Evolution Mining has agreed to acquire junior explorer Carnaby Resources for $213 million, marking a significant expansion of its footprint in Queensland’s historic Duchess copper mining district.
The cash-rich gold producer aims to integrate Carnaby’s assets into its existing operations, specifically targeting the under-utilised processing capacity at its Ernest Henry mill to ramp up copper production.
The acquisition reflects a broader industry shift as miners diversify beyond gold to capitalize on the structural demand for copper driven by the global energy transition.
By securing Carnaby’s resources, Evolution seeks to extend the life and output of its Queensland operations without the immediate capital expenditure required for greenfield development.
The deal allows the company to process additional copper ore through its existing infrastructure, improving asset utilization and potentially enhancing margins.
This move comes amid a wave of consolidation in the mining sector, where larger producers are acquiring junior explorers to secure critical mineral supplies.