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Evolution lowers costs in Sept quarter

Evolution lowers costs in Sept quarter

Photo by Bloombeg

23rd October 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The addition of the Cowal and Mungari mines to gold miner Evolution Mining’s production profile not only resulted in record gold production for the quarter ended September, but also record low C1 cash costs and a reduced all-in sustaining cost (AISC).

C1 cash costs fell by 8.6% quarter-on-quarter, to reach A$631/oz, while AISC fell from A$1 048/oz to A$882/oz.

The lower costs were attributed to higher gold production, which was up 53% quarter-on-quarter to 174 169 oz.

The Cowal mine, in New South Wales, contributed 59 495 oz of gold during the 69 days Evolution had ownership of the project during the September quarter, while the Mungari mine, in Western Australia, in its 37 days of ownership, contributed 48 538 oz of gold.

The Cracow and Mt Cartlon mines, in Queensland, delivered 23 890 oz and 24 213 oz of gold respectively during the quarter, while the Mt Rawdon mine, in the same state, delivered 28 490 oz.

The Edna May operation, in Western Australia, contributed 17 769 oz during the quarter under review, while the Pajingo mine, in Queensland, delivered 14 290 oz.

Evolution was forecasting group production of between 730 000 oz and 810 000 oz for the full 2016, with C1 cash costs estimated to be between A$715/oz and A$795/oz and AISC between A$990/oz and A$1 060/oz.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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