PRECIOUS METALS

Evolution marks production milestone at Mt Carlton

EVOLUTION Mining has achieved first concentrate production from the silver-rich A-39 deposit at i...

Lauren Barrett
Evolution marks production milestone at Mt Carlton

Mt Carlton represents Evolution's fifth mine in Australia and, once in full production, it is expected to be the company's lowest-cost operation.

Evolution executive chairman Jake Klein said the milestone of first concentrate production was outstanding.

The A-39 deposit was discovered in 2006, with construction kicking off five years later in December 2011.

"This remarkably rapid timeframe for permitting and development underpins our belief that Australia, and in particular Queensland, is an excellent destination for investment, exploration and mining," Klein said.

The operation is slated to contribute 25,000-30,000 ounces of gold equivalent in the first half of the year, during the ramp-up phase.

The site team will now turn their focus towards ramping-up to full capacity, expected to be achieved in the September quarter.

Over its initial 12-year mine life, Mt Carlton will produce 720,000oz of gold, 14.4 million ounces of silver and 25,000 tonnes of copper.

Evolution made significant progress at Mt Carlton during the December quarter, including completion of the tailings storage facility and main water dam as well as commencement of project commissioning.

Evolution also operates the Cracow, Mt Rawdon and Pajingo mines in Queensland and the Edna May mine in Western Australia.

Evolution produced a record 101,663oz gold at cash costs of $A764 an ounce in the December quarter.

Evolution is forecast to produce between 370,000-410,000oz gold equivalent for the 2013 financial year.

Shares in Evolution were down 1% to $1.45.

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