By Rhiannon Hoyle
Evolution Mining on Monday said it has extended the lives of two mining operations in Australia, and that it has restructured its debts.
The company said it has extended the life of its Mungari gold mine to 2038 and approved a 250 million Australian dollar (US$165 million) investment in a plant expansion there.
“This plant expansion unlocks the very large regional resource base, reduces all-in sustaining costs by 18% to A$1,750 per ounce, extends the mine life out to 15 years, and grows production to over 200,000 [troy] ounces post commissioning,” said Chief Executive Lawrie Conway.
Evolution separately said it has completed a prefeasibility study that extends the life of its Ernest Henry copper and gold mine to 2040. It said it will invest A$15 million in a feasibility study and A$7.5 million in a drilling program there.
The miner also said it has restructured its debt maturity profile to increase the flexibility of its balance sheet, which involved a US$200 million U.S. private placement and has not increased Evolution’s total debts.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
Read the full article here
