EVOLUTION MINING

2Gold mining company Evolution Mining, based in Sydney, was formed in 2011 from the merger of Catalpa Resources and Conquest Mining and the acquisition of two mines from Newcrest Mining. It operates five mines – Cowal in NSW, Mt Carlton, Mt Rawdon and Cracow in Queensland, and Mungari in Western Australia. It also holds an interest in the Ernest Henry copper-gold project in Queensland.

Evolution’s strategy is to build its gold reserves through developing or acquiring new assets, while also improving the quality of its portfolio and driving down expenses in order to remain a low-cost producer. In particular, it has aimed at delivering operational stability and predictability through the ownership of a number of similar-sized mines, rather than holding just a single mine or a dominant mine. Its target is to own six to eight mines, and it has said it is continually looking for additional long-life, low-cost assets to add to its portfolio.

Following the sale – announced in September 2017 – of its Edna May mine in Western Australia, the company’s goal is total gold production of 750,000 to 805,000 ounces in the June 2018 year, with an average production cost of $820 to $870 an ounce. This compares with production of 844,124 ounces in the June 2017 year, at an average cost of $907 an ounce. Evolution plans a major investment during the year to develop the Cowal mine, with the aim of boosting production.