Evolution Mining will invest a billion dollars over the next two years in a bid to halt a four-year decline in output and grow gold production by at least 30 per cent.
The growth strategy will include the $380 million expansion of the Cowal mine in NSW, where an underground mine will be built beneath the existing open pit so long as final government approvals can be obtained.
The new strategy was announced on the day Evolution revealed it produced 680,788 ounces of gold in fiscal 2021; about 20 per cent less than the company produced in fiscal 2017 and the fourth consecutive year of lower gold production.
But the company signalled to investors that volumes were set to grow again on the back of investment in Cowal and the Red Lake mine in Canada’s Ontario province.
Evolution published gold production guidance for the next three years, culminating in a promise to produce between 880,000 and 950,000 ounces in fiscal 2024.
For the rest of this article: https://www.afr.com/companies/mining/evolution-continues-with-billion-dollar-gold-growth-plan-20210716-p58ae1