ASX-listed Aeris Resources has completed the acquisition of the Cracow gold mine, in Queensland, from gold miner Evolution Mining.
The two companies in June struck a A$125-million agreement for Aeris to acquire the gold mine, with the consideration consisting of a A$60-million cash payment on the completion of the transaction, a further A$15-million cash payment at the end of June next year, and up to A$50-million in contingent consideration payable in the form of a 10% net value royalty, based on gross revenues less C1 direct costs in relation to any gold produced at Cracow in a five-year period between July 2022 and June 2027.