Australia’s Evolution Mining preparing to pump millions into expanding gold zones, mill upgrades
Gold prices were slumping in July to a six-month low at US$1,730, but mining and advanced exploration activity is intensifying in the Red Lake mining camp. Evolution Mining plans to spend between $120 million and $135 million this year on development and upgrades at its Red Lake mine complex.
The Australian gold company has ambitious plans to boost gold production by 65 per cent in the northwestern Ontario camp over the next two to three years. “We know that all eyes are on Red Lake,” said Jake Klein, Evolution Mining’s executive chairman, in delivering a business update on its worldwide operations, June 27.
Red Lake is one of the mines in the company’s stable that will receive the lion’s share of investment dollars starting this year. Annual gold production at Red Lake sits at 160,000 ounces, but within three years the company wants to lift that to 300,000 ounces as they start tapping into high-grade ore from Upper Campbell, a new mine that’s under development.
Evolution acquired the Red Lake mine complex from Newmont in 2020. A year later, they picked up the Battle North Gold’s Bateman Mine (formerly Rubicon Resources) in a separate deal.