Make Kitco Your Homepage

Evolution Mining increases gold and copper production in December quarter

Kitco News

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - ASX-listed mining company Evolution Mining (ASX: EVN) today reported higher gold production of 166,404 ounces (3% increase quarter on quarter) and higher copper production of 15,483 tonnes (7% increase quarter on quarter) in the December quarter 2022.

Year-over-year, the company’s gold production increased by 12% (December quarter 2021: 148,084 ounces) while copper production increased 276% (December quarter 2021: 4,119 tonnes).

The company said that at the Red Lake gold mine in Canada, increased dilution and higher than expected absenteeism resulted in the site not delivering to expectations, adding it confident that performance at Red Lake will improve as the company reaches more higher-grade ore from the new Upper Campbell mine.

Evolution also said that its fiscal year 2023 production and all-in sustaining cost guidance remains unchanged at 720,000 ounces (+/- 5%) and ~US$870/oz (+/- 5%).

Evolution operates five wholly-owned mines – Cowal in New South Wales, Mungari in Western Australia, Mt Rawdon and Ernest Henry in Queensland, 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.