| Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day’s top stories directly to your inbox. Sign up here! |
(Kitco News) – Australian gold producer Evolution Mining (ASX: EVN) reported Wednesday that in the September 2023 quarter, its gold production was 158,304 ounces (June quarter: 159,743 ounces), in line with expectations of being lowest quarter due to scheduled maintenance.
The company said that all-in sustaining cost (AISC) decreased 16% quarter-on-quarter to A$1,612 per ounce (US$1,056/oz) in the September 2023 quarter (June quarter: A$1,912/oz).
Importantly, Evolution noted that its mine operating cash flow increased 42% to A$280 million, driven predominantly by return to normal production at Ernest Henry and consistent performance at Cowal, adding that mine cash flow before major capital increased 97% to A$245 million.
The company also reported that compared to FY23 (year ended 30 June 2023), its FY24 gold production is expected to increase by ~18% to 770,000 ounces (+/- 5%), while AISC is expected to reduce “modestly” to around A$1,370 per ounce (AISC was A$1,450 per ounce in FY23).
Managing Director and CEO Lawrie Conway commented, “During the September quarter, we delivered gold and copper production in line with our guided FY24 production profile, driving strong operational cash generation. Capital expenditure during the period reflects investment in future growth projects and a reducing intensity level.
“We remain on track to deliver our full year guidance and financial deleveraging and with the current spot price around A$3,000/oz, still has further potential to accelerate.”
Evolution Mining operates five wholly-owned mines – Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Credit: Source link