PERTH (miningweekly.com) – Gold miner Evolution Mining has reported record production and cash flow during the three months to September, as the Cowal, Ernest Henry and Mt Carlton operations continued to deliver standout performances.
Gold production during the September quarter reached 220 971 oz, up from the 218 079 oz delivered in the previous quarter, while C1 cash costs were down from the A$567/oz in the June quarter to A$558/oz in the September quarter, and all-in sustaining costs (AISC) were down from A$825/oz to A$786/oz over the same period.
Evolution on Monday reported that the Cowal mine, in New South Wales, had produced 70 140 oz of gold during the quarter under review, while Ernest Henry and Mt Carlton, both in Queensland, delivered 23 682 oz and 29 994 oz respectively.
The Mt Rawdon mine and the Cracow mine, both also in Queensland, delivered 21 766 oz and 23 398 oz of gold respectively, while the Mungari mine, in Western Australia, delivered 30 353 oz of gold.
During the September quarter, Evolution also delivered a record operating mine cash flow of A$210.4-million, up 5% on the previous quarter, despite a 2.8% decrease in the achieved gold price.
The miner sold a total of 221 158 oz of gold during the three months to September, at an average price of A$1 604/oz, with 47 997 oz delivered into the hedge book, at an average price of A$1 547/oz, while the remaining 173 161 oz was delivered on spot markets at an average price of A$1 620/oz.
Meanwhile, in October Evolution completed the sale of its Edna May gold mine, in Western Australia, to fellow-listed Ramelius Resources. The company has received the A$40-million up-front cash payment.
As a result of the divestment of Edna May, Evolution has revised its 2018 full year production targets to between 750 000 oz and 805 000 oz, while AISC are expected to reach between A$820/oz and A$870/oz.
For the December quarter, the miner is expecting to produce between 180 000 oz and 190 000 oz of gold.
Edited by: Mariaan Webb
Creamer Media Senior Deputy Editor Online
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