Argonaut acted as financial advisor to Minjar Gold Pty Limited (“Minjar”), the Australian subsidiary of Shandong Tyan Home Co Ltd (“Tyan Home”) on the successful acquisition of a 100% interest in the Pajingo Gold Mine and surrounding exploration tenements (includes Twin Hills and Wirralie) in North Queensland from Evolution Mining Limited for A$52 million.
Under the terms of the agreement, the consideration consists of a A$42 million cash payment and 1% net smelter return royalty of up to A$10 million for gold production above 130,000 ounces.
Argonaut is delighted to have worked with Minjar on the acquisition as the company delivers on its growth strategy to become a meaningful Australian gold producer. Following the acquisition of Pajingo, Minjar’s annual production increases to +100,000oz per annum, placing the company within an enviable peer group.
Evolution Executive Chairman, Mr Jake Klein commented in their announcement “… it now makes strategic sense for the asset to be operated by an emerging gold producer that can provide the right level of focus on further extending the mine’s operating life.”
Additional information regarding Minjar can be found on the company’s website at www.minjargold.com.au.