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“The acquisition of Carnaby represents an exciting opportunity to add the Greater Duchess project to our portfolio and further consolidate our position in the highly prospective Cloncurry region. The close proximity of Greater Duchess provides an opportunity to increase copper production at Ernest Henry, utilising latent mill capacity and existing infrastructure. The combination of Ernest Henry’s Bert project and Greater Duchess enhances our ability to continue to maximise production and growth at Ernest Henry.
“Combining Carnaby’s Greater Duchess and prospective tenement package, together with Evolution’s established operating presence in North West Queensland provides regional consolidation and has the potential to unlock value for both Carnaby and Evolution shareholders.
“Under our ownership, we will be able to best optimise and integrate Greater Duchess within our long-life Ernest Henry operations and take full advantage of the additional regional exploration potential.”