La Mancha Resources Australia
Holding: 2012 to 2015
When the Sawiris family bought La Mancha in 2012, La Mancha Australia was producing 67 koz per annum and the mine had only 500 koz in reserve.
La Mancha drove and financially supported major turnaround initiatives, including (i) the consolidation of Frog’s Leg underground mine ownership (through the acquisition of Alacer’s 49% interest for A$141 million) and its subsequent mine life extensions; (ii) the restart of the White Foil open pit and its underground resource expansion; and (iii) the construction of the US$110 million, 1.5 Mtpa Mungari CIL processing facility, which was completed on-time and on-budget.
In 2015, the mine was producing 140 koz and had almost 800 koz in reserves. In 2015, La Mancha Australia was vended into Evolution Mining against a 31% stake in the company.