Photo by: Bloomberg
PERTH (miningweekly.com) – Australian gold miner Evolution Mining has repaid some A$35-million in debt during the March quarter, reducing its total debt by around 28%, to A$91.8-million.
The miner told shareholders on Wednesday that its cash balance at the end of the March quarter was reported at A$32.5-million, after accounting for the voluntary debt repayment, a A$5.6-million dividend payment and a A$1.2-million once-off debt refinance establishment fee.
The debt was repaid on the back of continued strong cash generation, with Evolution producing some 103 305 oz of gold during the quarter.
“This is an outstanding result with almost A$27-million dollars of free cash flow generated during the quarter, by far our best quarter to date,” said chairperson Jake Klein.
“This has been achieved despite group gold production being around 9% lower than the previous quarter and is a great reflection of the successful inroads our staff continue to make in reducing costs and improving operational efficiency.”
Klein noted that with gold now trading close to A$1 600/oz, Evolution was optimistic about the company’s future.