The Globe and Mail reports in its Tuesday edition Evolution Mining Ltd. agreed to pay $550-million for Barrick Gold's Cowal mine in New South Wales, Australia. A Bloomberg dispatch to The Globe says the deal is Evolution's second acquisition since April and expands its operations to seven assets in Australia. "This is a cornerstone asset for Evolution, and it will generate a significant amount of cash for us," executive chairman Jake Klein told Bloomberg. "It's a world-class asset." Gold producers completed acquisitions worth $18-billion (U.S.) last year as the largest companies, including Barrick and Newmont Mining Corp., reduce the size of their portfolios to cut debt and lower costs. Evolution will pay for the Cowal deal by raising about $248-million (Australian) through a share offer. The producer has agreed a new $400-million (Australian) five-year term loan and refinanced and increased the size of an existing revolver facility to $300-million (Australian). The Cowal mine produced 268,000 ounces of gold last year at an all-in sustaining cost of about $740 to $775 an ounce, according to Barrick. The Toronto-based miner is also seeking to divest mines in Papua New Guinea and Chile.