Gold and copper miner Evolution Mining (OTCPK:CAHPF) has set its sights on a major move, announcing plans to secure an 80% stake in the Northparkes copper-gold mine in New South Wales from Chinese mining giant CMOC Group for a whopping US$475M.

The company is making heads turn by proposing to raise an eye-popping A$525M (~US$347M) in equity through a fully underwritten institutional placement and a new A$200M five-year term debt facility to fund the acquisition.

Not content with just the initial purchase, Evolution (OTCPK:CAHPF) has revealed that the transaction includes a substantial upfront payment of US$400M and the potential for additional payments of up to US$75M, contingent on market prices.

With an air of confidence, Evolution (OTCPK:CAHPF) has gone as far as to predict that the Northparkes acquisition will significantly boost its copper production, projecting that copper revenues will make up nearly 30% of its total income in FY 2024.

The deal may seem colossal, but it will leave Japan’s Sumitomo Corp. (OTCPK:SSUMF) (OTCPK:SSUMY) and Sumitomo Metal Mining (OTCPK:SMMYY) holding the remaining 20% interest in the Northparkes mine, retaining a stake in the venture.