Evolution Mining posts Q4 report, gold down 14.4%

Evolution Mining has posted its fourth quarter 2017 operational report, and overall gold output fell by 14.4 per cent, when compared with third quarter results, to 186,488 ounces (oz).

This was largely attributable to the company’s sale of its Edna May gold mine last October to Ramelius Resources; the mine had been owned by Evolution since 2011 and in operation by various companies since the 1980s.

Despite the slight dip in gold output for the quarter, Evolution stated that it was on track for gold production in the 2018 financial year to be above its 750,000–805,000oz guidance range.

In other good news, the company’s overall cash balance tripled, increasing by $113.4 million to $163.5 million; Evolution’s bank debts were reduced by 32 per cent and gearing reduced by 9.5 per cent, while also achieving a record-low sustaining cost of $784/oz.

The Ernest Henry mine in northwest Queensland, in which Evolution operates under an agreement with Glencore, saw record quarterly net cash flow of $55.1 million.

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