PERTH (miningweekly.com) – Gold miner Evolution Mining is targeting 890 000 oz in gold output by 2019, following the divestment of its Panjingo mine and its acquisition of a stake in the Ernest Henry mine, both in Queensland.
Evolution in August agreed to divest of its Panjingo mine to an emerging Chinese miner in a deal valued at A$52-million. In that same month, the gold miner agreed to pay A$880-million for a 30% stake in the Ernest Henry mine.
Under the Ernest Henry transaction, Evolution will be entitled to 100% of the mine’s gold production, subject to an agreed life-of-mine and block model.
The gold miner said on Tuesday that incremental gold production growth would be achieved for at least the next three years, while all-in sustaining costs (AISC) were expected to trend lower over this period.
For the 2016 financial year, gold production is expected to reach 803 000 oz, while AISC for the same period would reach A$1 014/oz.
By the 2019 financial year, AISC would decline to A$830/oz.
Edited by: Creamer Media Reporter
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