Evolution Mining sees strong quarter results, gold and silver haul up

Evolution Mining has set several records following the publication of its quarterly report, including gold production, which hit 220,971 ounces (6.26 tonnes), and mine cash flow ($210.4 million, net $158.3 million).

The gold production rate saw an improvement of 3159 ounces over Evolution’s December 2016 quarterly summary.

Gold was not the only commodity to see a boost; silver and copper production were also up on December 2016 figures.

Evolution produced 290,812 ounces of silver in the September 2017 quarter, improving on December 2016 production by 27,629 ounces, representing a 10.5 per cent increase.

Copper haul, while resulting in considerably lower profits for Evolution than its shinier brothers, saw the biggest leap comparatively, rising from 3501 tonnes in December 2016 to 5922 tonnes in September 2017, a massive increase of 69 per cent.

When factoring in the average commodity price for the quarter, gold accounted for 87 per cent, silver 12 per cent and copper 1 per cent of sales overall.

On the flip side, average gold price was slightly down on June 2017 figures, falling from $1650 an ounce to $1604 an ounce, a drop in keeping with normal fluctuations. Copper prices saw a big rise from $7559 a tonne to $8381 a tonne (an 11 per cent increase), in keeping with current market trends.

The report cites the September 2017, $90 million divestment of its former flagship Edna May mine as a key factor in the improvement of Evolution’s portfolio quality.

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