Evolution writes off millions in impairment
PERTH (miningweekly.com) – ASX-listed Evolution Mining has reported an asset impairment of between A$350-million and A$400-million, as the price of gold continued to fall.
The impairment reduced the book value of Evolution’s assets from A$1.26-billion to between A$860-million and A$910-million, and effectively reversed the fair value uplift of A$340-million that was applied to the assets in late 2011, following the merger between Catalpa Resources and Conquest Mining.
The miner on Monday reported that quarterly production for the three months to June had increased by some 34% compared with the previous quarter, to 112 559 oz, at an average cash cost of A$762/oz.
Group production for the full year to June also increased by 13%, to 392 920 oz, which was in line with the guidance of between 370 000 oz and 410 000 oz.
The higher production during the quarter and the full year were driven by record quarterly production at the Mt Rawdon mine, which delivered 35 165 oz during the three months.
The Cracow, Pajingo and Edna May operations also delivered robust production, which Evolution noted was in line with expectations.
The Cracow operation, in Queensland, delivered some 23 663 oz during the three months to June, while Pajingo delivered 23 367 oz during the quarter and Edna May a further 18 671 oz of gold.
The Mt Carlton operation, also in Queensland, was successfully commissioned during the quarter under review, allowing for commercial production to be declared at July 1.
For the full 2014, Evolution has forecast that it would deliver between 400 000 oz and 450 000 oz of gold equivalent as Mt Carlton reaches full production.
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