Evolution Mining Limited (ASX: EVN) has secured a major milestone with regulatory approval from the NSW Department of Planning, Housing, and Infrastructure to extend its Cowal Gold Operations (Cowal) to at least 2042. This development ensures a bright future for one of Evolution’s cornerstone assets.
Key Highlights of the Approval
- Extension of Operations:
The approval includes:- Continuation of open-pit mining.
- Expansion of the E42 pit.
- Development of three new open pits.
- Ore processing capacity maintained at up to 9.8 Mtpa.
- Mining lease extended to 2045.
- Economic Contributions:
Evolution’s extended operations are set to continue benefiting the local and national economies through:- Employment opportunities.
- Community development initiatives.
- Payments of taxes and royalties.
Management Comments
Lawrie Conway, Managing Director and CEO, expressed excitement about the approval:
“Since acquiring Cowal in 2015, it has been a cornerstone asset, delivering material cash flows and high returns. This approval ensures its contribution to our stakeholders for decades to come.”
He also acknowledged the NSW Government for their rigorous approval process and ongoing support.
Strategic Importance of Cowal
The Cowal operation has been a critical part of Evolution Mining’s portfolio, driving substantial returns since its acquisition. This extension aligns with the company’s strategy to secure long-term production and cash flow stability.
What’s Next?
With the development consent granted, Evolution will now focus on the:
- Expansion of the E42 pit and the commencement of the three new pits.
- Continued engagement with stakeholders to maximize community and economic benefits.
This approval positions Evolution Mining to maintain its status as a leading Australian gold producer while fostering sustainable growth and local economic contributions.
