Evolution Mining Limited reported that underground production began ahead of schedule, achieving a critical milestone in the anticipated increase at Cowal to 320,000 ounces in FY24.
The first underground stope started being mined and processed this month, with the further ramp-up of the underground anticipated throughout the rest of the fiscal year.
This is three months ahead of the previously planned original June 2023 quarter timetable. The project is still within its $380 million budget. The completion of the lodging village and the commissioning of the paste plant are still scheduled for the second quarter of 2023.
“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. We are now on the pathway to increase Cowal’s production from the current FY23 guidance of ~275,000 ounces to FY24 outlook of ~320,000 low cost ounces,” Evolution CEO and Managing Director Lawrie Conway said.
Cowal is an open pit gold mine located 350 kilometres west of Sydney that Evolution has managed since July 2015. It is located in the Bland Shire, on the Wiradjuri People’s traditional territories. The enterprise also collaborates with the Shires of Lachlan and Forbes.
