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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Evolution Mining Ltd    EVN   AU000000EVN4

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Evolution Mining : Reports Higher Gold Output, Lower Costs

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01/21/2015 | 11:12pm CEST
   By Rhiannon Hoyle 
 

SYDNEY--Evolution Mining Ltd. (>> Evolution Mining Ltd) recorded its highest quarterly gold production since the Australian mining company was formed three years ago, and said it was continuing to cut output costs.

The company said Thursday that gold production rose 5.7% in its fiscal second-quarter to a record 113,280 troy ounces. Evolution counts Australia's largest listed gold producer, Newcrest Mining Ltd. (>> Newcrest Mining Limited), as a major shareholder.

Higher output of the precious metal was underpinned by a sharp increase in production from its Edna May gold mine in Western Australia state.

The Sydney-based company said it had also slashed costs to an all-time low, 10% below its average in the fiscal year through June 2014. Evolution now expects cash costs for the current financial year to be at the lower end of its earlier projected range of between 750 Australian dollars (US$606) and A$820 an ounce. It reiterated full-year production guidance of 400,000-440,000 ounces of gold.

The company was formed in 2011 through a merger of Catalpa Resources Ltd. and Conquest Mining Ltd., with the concurrent acquisition of Newcrest's interests in the Cracow and Mt Rawdon mines in Queensland state.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

Stocks mentioned in the article : Evolution Mining Ltd, Newcrest Mining Limited
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Financials ( AUD)
Sales 2017 1 492 M
EBIT 2017 348 M
Net income 2017 314 M
Debt 2017 189 M
Yield 2017 1,84%
P/E ratio 2017 10,68
P/E ratio 2018 9,29
EV / Sales 2017 2,43x
EV / Sales 2018 1,89x
Capitalization 3 443 M
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 2,50  AUD
Spread / Average Target 22%
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Managers
NameTitle
Jacob Klein Executive Chairman
Mark Le Messurier Chief Operating Officer
Lawrie Conway CFO, Executive Director & Finance Director
Evan Elstein Secretary & Vice President-Information Technology
James Edward Askew Non-Executive Director
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