Evolution hits record low costs

19th April 2018 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Gold miner Evolution Mining has reported record low all-in sustaining costs of A$768/oz, with gold production increasing slightly.

Gold production during the three months to March was up to 191 474 oz, compared with the 186 488 oz produced in the previous quarter, with the Ernest Henry and Mt Rawdon operations delivering standout performances.

Ernest Henry, in Queensland, delivered 22 839 oz of gold and 5 067 t of copper during the quarter, while the Cracow mine, also in Queensland, delivered 20 591 oz of gold.

Mt Rawdon delivered 30 625 oz of gold, while Mt Carlton produced 25 850 oz of gold. The Cowal mine, in New South Wales, added 61 749 oz of gold to the Evolution portfolio, while Mungari, in Western Australia, produced 29 820 oz of gold.

The gold miner on Thursday said that it sold 180 157 oz of gold during the quarter, at an average gold price of A$1 664/oz, with 50 000 oz delivered into the hedge book at an average price of A$1 575/oz.

Evolution told shareholders that the company had invested A$63.4-million in capital investments during the quarter under review, which included expenditure on the Cowal Stage H waste stripping, underground development at Cracow and Mungari’s Frog’s Leg, as well as waste stripping at Mt Rawdon.

A further A$6.1-million was also spent on exploration.