Australia's Evolution sees Red Lake gold mine as cornerstone of its growth strategy
(Kitco News) - Australia's Evolution Mining (ASX:EVN) announced yesterday that the Red Lake gold mine in Ontario, Canada, will be instrumental in achieving the company's goal to grow production by 35% to over 900,000 ounces of low-cost gold over the next several years.
The company said that Evolution's Board has approved a "clear and defined" program to grow gold production at Red Lake to 350,000 ounces per annum by FY26. The Stage One transformation to produce 200,000 ounces per annum at an AISC of less than US$1,000 per ounce remains on track with the operation successfully achieving production and cost guidance in the 2021 financial year, Evolution added.
According to the company's statement, Red Lake's growth plans to deliver value from of its 11Moz Mineral Resource have now been accelerated with the completion of the Battle North acquisition in May 2021. Investment in the operation in the coming years is appropriate to extend Red Lake's mine life to beyond 15 years and enable a production to ramp up targeting 350,000 ounces per annum by FY26.
Evolution Mining is a leading, globally relevant gold miner. Evolution operates five wholly-owned mines – Cowal in New South Wales, Mt Rawdon and Mt Carlton in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada. In addition, Evolution holds an economic interest in the Ernest Henry copper-gold mine in Queensland.