Evolution achieves glittering results
Tuesday, January 24th, 2023
Evolution Mining has enjoyed a bumper quarter with higher gold and copper production, a new chief financial officer (CFO) and continued exploration at Ernest Henry.
In the company’s December 2022 quarterly report, Evolution reported a three per cent and seven per cent increase in gold and copper production, respectively.
Operating mine cash flow also increased by 31 per cent to $270 million, with Ernest Henry generating $142 million in mine cash flow.
“We generated very strong operating cash flow this quarter which reinforces our position as one of the lowest cost, highest margin global gold producers,” Evolution chief executive officer and managing director Lawrie Conway said.
“Our sustained focus on operating and capital costs in the current environment continues to deliver benefits.
“We remain on track to deliver group FY23 production and cost guidance with planned quarterly performance weighted to the second half of the year.”
The miner has also announced the appointment of Barrie Van Der Merwe as CFO.
Van Der Merwe has over two decades of experience in the global resources sector and will commence with the company on March 1.
Conway said Van Der Merwe was a “great addition” to the Evolution leadership team, with the new CFO calling the appointment an “honour”.
“As a premier global gold company, the company’s ambition to prosper through the economic cycles and its drive to have employees behave as owners, resonates very strongly with me,” Van Der Merwe said.
“I am looking forward to working with Lawrie and the leadership team to continue creating value for all stakeholders.”
Evolution’s quarterly report also announced that new drillholes as part of the ongoing Ernest Henry exploration program have intersected significant mineralisation widths below and within the pre-feasibility study (PFS) mine life extension area.
The Ernest Henry copper-gold operation is located near Townsville in Queensland.
“We are excited to see continued drilling success at Ernest Henry, confirming its status as a world class asset with strong potential for future mine life extension,” Conway said.
“The PFS will be continued for another few months to incorporate the full benefits of the larger mine footprint to optimise design and location of infrastructure.”