PERTH (miningweekly.com) – Gold miner Evolution Mining has reported record gold production during the three months to March, allowing the company to reduce its debt by about A$80-million.
Gold production for the March quarter reached 208 963 oz, which was up from the 203 700 oz of the previous quarter, resulting in record operating mine cash flows of A$154.9-million, and a net mine cash flow of A$105.8-million.
“This outstanding result demonstrates the quality of Evolution’s asset portfolio. We are consistently making positive inroads on our cost profile and generating very strong free cash flow,” said Evolution executive chairperson Jake Klein.
“This has allowed us to aggressively reduce debt with a total of A$207-million in debt repaid during the past seven months.”
At the end of March, the company had a cash balance of A$35.3-million, and total group debt had been reduced to A$400-million, consisting of A$130-million in the senior secured syndicated revolver facility and A$270-million in the senior secured syndicated term facility.
Evolution was expected to report its full quarterly results later in April.