Some more info about the deal. Looks like it was an auction that a few other ASX listed companies participated in.

CMOC aquired the Northparkes copper/gold mine in NSW from Rio Tinto in December 2013 for $US800 million (the sale was part of Rio’s debt reduction program).

Evolution Mining beats Metals Acquisition Corp to buy Northparkes mine

Evolution Mining defeated Metals Acquisition Corp to buy an 80 per cent stake in Northparkes copper mine for up to $US475 million ($718 million), after a sale process run by Citi and Standard Chartered.

It is understood Metals Acquisition Corp was among the underbidders for the mine, while ASX-listed Sandfire Resources and Aeris Resources had an early look but did not advance through the auction.

Metals Acquisition Corp was among the underbidders at Northparkes. Rob Homer

Sources said Evolution Mining put forward a clean deal, with no regulatory approvals required and easy access to equity capital markets – the $525 million placement falls within its existing placement capacity and is underwritten.

It also picked its financial adviser well, given that Russell Keating’s resources team at Macquarie Capital had worked for Northparkes’ then-owner Rio Tinto when it sold to CMOC a decade ago. For legal advice, Evolution Mining had Allens’ Guy Alexander, Mark McAleer and Julian Donnan at hand.

The seller, CMOC Group, and its advisers began reaching out to investors earlier this year, telling potential bidders they would run a selective process. CMOC had Citi’s head of metals and mining, Rowan King, and Standard Chartered’s Sam Brodovcky tasked on the sale process. Three partners from King&Wood Mallesons provide legal advice, including Paul Schroder from the M&A unit, Tim Sherman for tax, and Matthew Austin for environment and native title matters.

The $525 million placement is being done at $3.80 a share, or an 8.2 per cent discount to the last close. Bids for Asia-Pacific investors are due at 5pm Tuesday.