Evolution trending above plan - Klein
PERTH (miningweekly.com) – Gold miner Evolution Mining on Monday announced that gold production for the September quarter reached 170 021 oz, down from the 218 104 oz delivered in the June quarter.
All-in sustaining costs for the September quarter reached $857/oz, up from the $715/oz achieved in the previous quarter, with Evolution reporting an all-in cost of A$1 663/oz and an all-in cost margin of A$871/oz.
The miner told shareholders that the quarterly results were ahead of the 2021 financial year plans, with the results excluding any contribution from the Cracow operation, which was divested in July.
“It’s great to start the new financial year with continued positive movement. Our operations are performing well and it is pleasing to be ahead of where we had planned to be at the end of the first quarter,” said executive chairperson Jake Klein.
“Most importantly, the business continues to generate sector leading cash flow per ounce and our balance sheet remains strong, with net debt reducing even after rewarding shareholders with their fifteenth consecutive dividend of A$153.8-million.”
Operating mine cash flow was reported at A$272.3-million in the first quarter, with net mine cash flow at A$183.4-million, with the net bank debt recorded at A$180.3-million post the final dividend.
During the quarter under review, the company also announced the submission of the Cowal underground mine development plan to the New South Wales Department of Planning, Industry and Environment.
“The submission for approval of the Cowal underground mine is another important step towards achieving our objective of producing 350 000 oz/y of low-cost gold from this cornerstone operation,” said Klein.
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