Golden age at Evolution

Fiscal year 2014 saw record gold production for Evolution Mining, a Perth-based operation with five mines across Queensland and Western Australia.

Hitting its target of 400,000 ­- 450,000 ounces gold equivalent, Evolution’s production was up 9% on the last financial year, to 427,000 ounces gold equivalent.

Gold equivalent ounces include both silver and gold production, with silver converted at a rate of about 1:60, reflecting the different prices of the two metals.

The result was mixed however, with production at the Pajingo and Edna May mines impacted by restructuring and reliability issues respectively.

Executive chairman Jake Klein said the company was pleased with the result.

“It is very pleasing to have again delivered a production result that is consistent with our original market guidance,” said Mr Klein.

“It is a testament to the benefits of having a diverse portfolio of assets which allows us to deliver a level of operational predictability that is not possible in single asset companies,” he added.

Last month Business News reported that Evolution had entered into a joint venture agreement with Emmerson Resources at Tennant Creek.

Evolution traded at 75.5 cents per share, an increase of 3.4 per cent, at the time of writing.