Feb 12, 2020

Rising gold prices lift Evolution Mining profits

Rising gold prices lift Evolution Mining profits

Evolution Mining has reported a record half-year net profit after tax of almost $150 million after seeing a 22 per cent hike in the price received for gold produced.

Its mines produced 362,857 ounces of gold in the six months to December at an All-in Sustaining Cost (AISC) of $1041 per ounce.

Evolution operates the Cowal mine in New South Wales as well as Mt Carlton (pictured), Mt Rawdon, and Cracow in Queensland; and Mungari in Western Australia.

The company also holds an economic interest in the Ernest Henry copper-gold mine that will deliver 100 per cent of future gold and 30 per cent of future copper and silver produced from an agreed life of mine area.

“These record half year financial results demonstrate the quality of Evolution’s asset portfolio,” executive chairman Jake Klein said.

Late last year, Evolution announced that it had entered into an agreement with Newmont Goldcorp Corporation to acquire the Red Lake gold mine in Canada.

Evolution will pay Newmont Goldcorp Corporation $US375 million in cash, along with an additional future payment of up to $US100 million, payable upon new resource discovery.

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