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IN PHOTO: A small river flows amid sand dunes in the Tanami Desert, located in Australia's Northern Territory July 15, 2013. Over half of Australia lies above the Tropic of Capricorn, but it is home to only five percent of the population. It is a frontier land with little infrastructure, populated by cattle barons, crocodile hunters and aboriginal tribes. Geologists say the Northern Territory, which is the size of South Africa, has abundant diamond, gold and uranium reserves. However, a fifth of the Northern Territory is owned or controlled by aboriginal groups and many Aborigines have joined environmentalists to discourage mining. Picture taken July 15, 2013. REUTERS/David Gray

Evolution Mining Limited announced on Friday through a press release that it has acquired Cowal gold mines, one of the biggest and the most prestigious gold mines of Australia, by purchasing 100 percent shares of the Barrick (Cowal) Pty Ltd. for US$550 million (AUD755 million). The acquisition follows the previous announcements on its plans to acquire the gold mining project.

In its formal announcement, Evolution Mining Limited confirmed that all the precedent to the transaction has been complied with or satisfied and that the transaction has been completed. “The addition of Cowal to our asset portfolio is an exciting step forward for Evolution and provides us with a cornerstone asset of the highest quality. We welcome our new Cowal employees and look forward to building a long and successful relationship with the communities of the Bland, Lachlan and Forbes Shires,” said Jake Klein, the Executive Chairman of the Evolution Mining Limited.

Meanwhile, Yahoo Finance reports that the Barrick Gold Corporation, too, confirmed the sale of the Cowal Mine to the Evolution and said that the proceeds from the sale would be used to repay debts. Kelvin Dushnisky, the Co-president of Barrick Gold Corporation said the sale of Cowal has been consistent with the strategy that has been outlined for the owners in order to create a long term value. It will not only help in debt reduction but also focus on the geographic footprint of the company’s portfolio.

Evolution Mining is a gold miner company based in Australia, which owns five other gold mines, besides the newest addition, the Cowal gold mine. These mines are the Cracow, Mt Carlton, Mt Rawdon, Pajingo in Queensland and Edna May in Western Australia. Cracow in Queensland is yet another notable gold mining town in Australia. Gold was first discovered in this part of the country way back in 1875.

Contact the writer at debleenasarkar26@gmail.com

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