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 [email protected]