Evolution Mining has confirmed that, three months ahead of schedule, it has achieved the start of underground production at its Cowal gold mine in New South Wales, Australia.
Officials said the first stope is being mined and processed this month, and underground operations will continue to ramp up over the remainder of 2023 as Cowal works toward a goal of approximately 320,000 ounces in the 2024 fiscal year.
The mine was initially scheduled to begin underground production in the June 2023 quarter. Evolution has remained on budget with the project, coming in at A$380 million.
The completion of the mine’s accommodation village and commissioning of the paste plant also remain on track for the June 2023 quarter.
“We have achieved a major milestone at Cowal with the early commencement of production from the new underground mine. It is a credit to the project team to be able to commence production ahead of schedule and on budget in the current inflationary market conditions for project development and construction,” Evolution CEO and Managing Director Lawrie Conway said.
“We are now on the pathway to increase Cowal’s production from the current FY23 guidance of [about] 275,000 ounces to FY24 outlook of [about] 320,000 low-cost ounces.”
Evolution operates five wholly-owned mines: Cowal; Ernest Henry and Mt Rawdon in Queensland; Mungari in Western Australia; and Red Lake in Ontario, Canada.
Source: Evolution Mining