Evolution Mining Limited
Evolution Mining Limited
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Australian producer Evolution Mining aims to reach normal production levels by the end of the June qtr after resuming mine operations at the flood-hit Ernest Henry gold and copper mine in N Qld.
Evolution says it met its 6-week timeframe for the safe restart of the mine, but the closure has cost production of about 6,400oz gold and 4,100t copper in the March qtr (Q3). FY23 production at the 100%-owned mine will also be lowered by 17,000oz Au and 10,000t Cu.
Australian miner Evolution has identified lost production of about 6,400oz gold and 4,100t copper from the flooding of the underground workings from a massive rainstorm at its Ernest Henry mine 38km NE of Cloncurry in N Qld just over four weeks ago.
Evolution says its Ernest Henry recovery plan remains on track to restart mining in the next two weeks.
Australian gold producer Evolution Mining has begun underground production three months ahead of schedule at its Cowal mine, keeping it on the pathway to lifting the NSW mine’s production from its forecast 275,000oz in the year to June 2023 to about 320,000oz in FY24.
CEO-MD Lawrie Conway says achieving the mining of the first underground stope ahead of schedule and within its $A380M budget in an inflationary market it a credit to the project team.
Australian producer Evolution Mining’s Ernest Henry copper-gold operation in N Qld is facing an extended shutdown of mining activity due to flooding of the underground mine workings in a regional rainstorm on March 8.
Evolution says all workers were removed safely after the water incursion at the mine, 38km NE of Cloncurry.
Improved Dec qtr (Q2FY23) performance in which Australian international miner Evolution lifted its production to 166,404oz gold (Q1: 161,098oz) and 15,483t copper (14,469t) has kept it on track for its full year guidance. AISC also improved to $A1,099/oz ($1,513/oz).
The company notes it is still reliant on improved H2 performance to achieve its unchanged FY23 guidance of 720,000oz at $1,240/oz.
The signing of key commercial agreements with Glencore International and Evolution Mining support Australian miner Navarre Minerals as it builds production volumes at its Mt Carlton operation in N Qld.
MD Ian Holland says deliveries of gold-silver-copper concentrates will begin immediately under its new offtake agreement and $US7M finance facility with global commodities trader Glencore.
It’s taken just over a month for Australian-based international mining services company Perenti to lift its FY23 guidance while targeting a return to “historical levels” of profit over the next two years.
Perenti says improved commercial outcomes across Australian and African contracts support forecasts for the year to end-June 2023 of $A2.7-2.9B revenue and $230-250M EBIT(A). On Nov 14, it predicted $2.6-2.7B revenue and $215-230M EBIT(A).
Australian international producer Evolution Mining is expecting increased production for the rest of the year after producing 161,098oz gold and 14,469t copper for the Sept qtr (Q1FY23), down from 172,722oz Au and 15,301t in the previous period. AISC was $A1,513oz (Q4FY22: $1,290/oz).
Evolution maintains its FY23 guidance at 720,000oz gold at $1,240/oz.
Exec chairman Jake Klein says $923M available liquidity supports Evolution’s planned 25% growth in low-cost production over the next two years.
Unlisted explorer Federation Mining is targeting potential first gold production in 2024 as it advances on mineralisation beneath the historic operations at the Snowy River gold mine in New Zealand’s Reefton goldfield.
Australian producer Evolution Mining is sticking to its forecast of over-20% growth in gold output over the next two years despite production falling to 640,275oz at AISC of $A1,259/oz for the year to end-June (FY22), down from 680,788oz at $1,215/oz a year earlier.
Sales of gold were 641,413oz at $2,425/oz (FY21: 677,150oz at $2,369/oz) and copper 39,293t at $12,546/t (21,232t at $11,172/t).
Evolution’s gold guidance demonstrates an increase of 12% to 720,000oz in FY23 and further 11% to 800,000oz in FY24.