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Evolution books record quarterly gold output, on track to meet FY'17 guidance

Evolution Mining Ltd. said Jan. 25 that it is on track to meet its fiscal 2017 gold production guidance after posting record output of 217,812 ounces in the December 2016 quarter.

For the full year, the company anticipates producing 800,000 to 860,000 ounces at all-in sustaining costs of between A$900 and A$960 per ounce.

The Mount Carlton mine in Queensland, Australia, produced 25,674 ounces of payable gold at an extremely low AISC of A$604 per ounce, Evolution said.

The A$880-million Ernest Henry copper-gold mine deal also made a strong initial contribution during the quarter, with 14,257 ounces of gold produced at an AISC of A$114 per ounce, representing two months of production starting Nov. 1, 2016.

Evolution, meanwhile, posted record low C1 cash costs during the period at A$585 per ounce, while AISC were down 15% on a quarterly basis to A$900 per ounce.

The December 2016 quarter saw Evolution deliver operating mine cash flow of A$170.3 million and net mine cash flow of A$102.1 million, which allowed it to make debt repayments totaling A$70.0 million.

Gold sold during the period slid to 198,782 ounces from 205,858 ounces booked in the September quarter.