Photo by: Bloombeg
PERTH (miningweekly.com) – Gold miner Evolution Mining has reported record quarterly production results for the three months ended December, reflecting the first full quarter production from the Cowal and Mungari mines.
Gold production increased to 203 700 oz, compared with the 174 169 oz delivered in the previous quarter.
The Cowal mine, in New South Wales, produced 54 792 oz of gold in the December quarter, while the Mungari mine, in Western Australia, delivered 40 692 oz.
The Mt Carlton operation, in Queensland, also reported record quarterly production during the December quarter, producing 30 026 oz of gold, while the Mt Rawdon operation, also in Queensland, delivered 19 777 oz of gold. The Edna May mine, in Western Australia, delivered a further 18 266 oz during the quarter, while the Cracow and Pajingo mines, both in Queensland, delivered 22 120 oz and 18 026 oz respectively.
Group all-in sustaining costs for the quarter increased from the A$822/oz reported in the September quarter, to A$1 016/oz, with Evolution spending a total of A$44.2-million in capital during the quarter.
Meanwhile, Evolution told shareholders on Wednesday that a total of 205 863 oz of gold was sold during the quarter, up from the 179 256 oz at the end of the September quarter, with the average gold price reaching A$1 536/oz.
Evolution’s takeover offer for fellow-listed gold miner Phoenix Gold closed at the end of December last year, with the company securing a 95.67% interest in Phoenix.
Evolution was now progressing with the compulsory acquisition of the remaining Phoenix shares.
For 2016, Evolution had increased its production expectations from between 730 000 oz and 810 000 oz, to between 770 000 oz and 820 000 oz, with C1 cash costs expected to reach between A$700/oz and A$740/oz.