Australia: Evolution Mining acquires mine; Ignition Wealth secures $750k funding

Bulga Coal Complex, Glencore facilities. Visual from the company website

The latest in the Australian dealspace has seen Glencore sell future output from a copper and gold mine to Australia’s Evolution Mining, while startup Ignition Wealth has secured a $750k seed investment.

Evolution Mining acquires future mine output

Glencore has agreed to sell future output of a gold and copper output to Evolution Mining Ltd in a deal worth AU$880 million ($670 million). This transaction is part of Glencore’s effort to repay its debt.

Details of the deal mention Evolution Mining, Australia’s second-largest gold producer, are to receive 100 per cent of future gold and 30 per cent of copper and silver production from the Ernest Henry mine in Queensland. An additional 30 per cent interest will be taken by Evolution on the mine, while Glencore continues to manage operational activities.

Glencore has resorted to selling future output, in order to clear its debt burden. The company sold a share of its future silver output to Silver Wheaton Corp in November 2015 for terms that included a A$900 million ($685 million) cash payment.

Evolution has announced a AU $901 million ($686 million) capital raising to fund the deal. AU $401 million ($305 million) by issuing new shares, currently valued at AU$2.43 a share on the ASX. The remaining AU $500 million ($381 million) are to be raised through a syndicated loan.

The company’s output in gold is set to raise an estimated 800 000 ounce according to officials.The addition of low-cost gold production from the mine is said to improve the quality of Evolution’s portfolio according to executive chairman Jake Klein.

Ignition Wealth gets Seed funding

Sydney-based startup Ignition Wealth has concluded an A$1 million ($750,000) seed investment from financial planning pioneer and magnate Barry Lambert, who now owns a minority stake in the fintech venture.

This investment now sees the firm raising an aggregate of A$4 million ($3.05 million) in equity financing that will be using to quickly expand and grow out its current product offering.

As a result of this investment, Lambert has acquired a minority stake in the fintech company. The chairman of the cloud-based administrator for self-managed super funds (SMSFs)Class Super is also the founder of Count, a network of financial planners created in 1980 and sold in 2011 to Commonwealth Bank for a consideration of A$375 million ($286 million).

Ignition First, founded in 2008 by Mark Fordree, aims to provide online investment and superannuation (i.e. the regular payments made into a fund by an employee towards a future pension) advice solutions for the Australian financial services market.

Its proposition is that of a platform that uses an algorithm to tailor and establish a regularly updated portfolio for its users. Earlier this year, the startup became the first digital financial advisor to be given an Australian licence. The Ignition Wealth team has doubled in size in the last year, according to Fordree.

Also Read:

Australia:iRecruit gets $417k; The Beanstalk factory secures partnerships

Australia Digest: RedEye gets $250k; CPP IPO on ASX; NSW sets up startup grants

Australia Dealbook: OpenAgent raises $9.3m Series B; TechSydney gets $386k

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.