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Evolution Mining (EVN) stock surge on gold mine buy

By Andreas Ismar

08:07, 18 November 2021

A miner holding a gold nugget at mining site
A miner holding a gold nugget at mining site - Photo: Shutterstock

The stock price of Evolution Mining reversed three-day losing streak and climbed to a four-month high after the Australian company announced a AUD1bn ($729m) gold mine acquisition from Glencore.

The deal, announced on Wednesday, was done post market hours, prompting market participants to rush into the stock since the start of today’s trade.

Evolution’s stock price immediately jumped from AUD3.99 to AUD4.15 after the opening bell and reached an intraday high of AUD4.43. The stock eased to AUD4.4 at the close, a 9.7% jump from Wednesday.

Top performer on ASX

Such an increase makes Evolution the biggest gainer on the Australian bourse on Thursday and curbed its year-to-date decline to 16.5%.


0.61 Price
-0.970% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


37,706.70 Price
-0.240% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


15,927.30 Price
-0.680% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8


2,034.50 Price
-0.420% 1D Chg, %
Long position overnight fee -0.0196%
Short position overnight fee 0.0114%
Overnight fee time 22:00 (UTC)
Spread 0.30

Under the deal with Glencore, Evolution will acquire 100% of Ernest Henry copper-gold mine near Cloncurry, Queensland, with AUD800m upfront payment and the remainder AUD200m payable in a year after the deal closes.

The transaction is expected to conclude in January 2022.

Read more: Evolution Mining (CAHPF) to buy Ernest Henry Mining from Glencore (GLEN)

Markets in this article

4.4725 USD
0.0365 +0.820%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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