21/02/2013 - 15:21

Evolution rockets into profitability on production jump

21/02/2013 - 15:21

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Evolution Mining has announced a $40.7 million interim net profit, on the back of a 98 per cent jump in gold production.

The gold and silver miner, formed in late 2011 from the merger of Catalpa Resources and Conquest Mining, today reported revenue of $321.6 million for the half year to December 31, on gold production of 196,110 ounces.

Evolution reported a loss of $17.9 million in the six months to December 31, 2011.

Cash costs came in at $749 per ounce, a 2 per cent increase on the previous corresponding period.

“Evolution continues to deliver solid, predictable operating performance and this is reflected in the financial results for the first six months of FY13,” chairman Jake Klein said in a statement.

“I am pleased to announce our intention to commence paying a dividend, from the second half of this financial year, linked directly to 2 per cent of our gold production.

“I believe that by committing to a gold-linked dividend payment we are providing shareholders with an attractive income stream that allows them to directly participate in the production success of the company.”

At close of trade today, Evolution shares were down nearly 6 per cent, trading at $1.27.

 

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