Evolution Mining has the green light from its board for a $60 million underground development, pit cut-back and relevant plant modifications at the Mt Carlton gold operation in North Queensland.
The company said Mt Carlton had a mine life to at least 2025 and these projects would allow production from the higher grade Link zone to be brought forward.
“Evolution’s focus continues to be on margin and profitability,” Evolution executive chairman Jake Klein said.
“Mt Carlton is a very high margin asset which has been a standout in Evolution’s portfolio.
‘The mine has generated over A$100 million in net mine cash flow in each of the last three years. The underground development of the Link zone ensures the continued production of high margin ounces.”
First ore from the underground is planned to be delivered in FY21.
Commencement of the underground development requires regulatory approval and Evolution plans to lodge submissions to the
Department of Environment and Science (DES) in the coming month.