Cowal extension greenlit by Federal Government

Evolution Mining has received the final regulatory approval for the continuation of its Cowal gold operations in New South Wales, ensuring open-pit mining can continue until at least 2042.

The company announced it has secured Federal Government approval under the Environment Protection and Biodiversity Conservation Act 1999 – the last regulatory hurdle Evolution had to overcome for its Cowal open pit continuation project.

The approval allows Evolution to expand open-pit mining at Cowal, including the development of three adjacent orebodies. It is valid until February 2050, reinforcing the long-term future of the operation.

Evolution managing director and chief executive officer Lawrie Conway said the approval was a major milestone for the company and its stakeholders.

“It is extremely pleasing to receive the final regulatory approval to continue open-pit operations at our Cowal gold operations,” Conway said.

“This project has been subject to a robust approvals process, at both a state and federal level, and we acknowledge the constructive engagement and rigorous input across government to reach this positive outcome.

“Cowal possesses a significant mineral endowment that will sustain our operations for decades to come and provide lasting benefits for our stakeholders and continue the significant returns generated to date for our shareholders.”

This follows the granted development consent received from the NSW Department of Planning, Housing and Infrastructure in December.

The development consent enables Evolution to extend the E42 pit, develop three new open-pits, and continue ore processing at up to 9.8 million tonnes per annum (Mtpa). The mining lease extends to 2045.

Cowal, located 350km west of Sydney, had a record-breaking year in the 2023–24 financial year (FY24), producing 312,644 ounces (oz) of gold at an all-in sustaining cost of $1338/oz.

Evolution has owned Cowal since 2015. The operation commenced underground production in March 2023 and achieved commercial production in April 2024, with Evolution targeting a ramp-up to 2Mtpa in FY25.