Australian miner on three-year spending spree to boost gold production, expand mill capacity and add 15 years of mine life
Australia’s Evolution Mining plans to sink a lot of money into its Red Lake gold mining and milling operations over the next three years.
The company’s board of directors recently approved a plan with a three-year capital investment timetable for Red Lake with the intent to boost gold production to more than 350,000 ounces a year by 2026, and extend mine life in the prolific northwestern Ontario camp by more than 15 years.
In a July 16 news release outlining its strategy, Evolution said the May acquisition of its Red Lake neighbour – Battle North Gold’s Bateman Mine – only served to “accelerate” its growth plan to restore Red Lake into one of Canada’s premier mining districts.
With Bateman in the fold, Evolution’s other operations consist of the Red Lake, Campbell and Cochenour mines with a large combined mineral resource of 11.1 million ounces and an ore reserve of 2.9 million ounces.
The Bateman Mine brought 733,000 ounces of mineral resources and 635,000 ounces of reserves into the picture. The current mine life is 13 years, but Evolution, naturally, want to extend that.
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