(Bloomberg) -- Evolution Mining Ltd., Australia’s second-largest gold producer, agreed to pay A$880 million ($670 million) for production and a 30 percent economic interest in Glencore Plc’s Ernest Henry copper and gold mine in Australia.

Evolution will get the equivalent of 30 percent of the mine’s copper and silver output and 100 percent of gold production, Baar, Switzerland-based Glencore said Wednesday in a statement. Glencore has sold assets and reined in spending to help cut debt, which stood at $25.9 billion at the end of last year.

Adding output from the mine will raise Evolution’s forecast output this fiscal year to between 800,000 and 860,000 ounces of gold, the Sydney-based producer said in a separate statement. Glencore will continue to manage the operation.

“The addition of low cost gold production from Ernest Henry to our portfolio gives us exposure to another high quality, long life asset,” Evolution Executive Chairman Jake Klein said in the statement.

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