Evolution Mining has received regulatory approval to extend operations at its Cowal gold mine in New South Wales until at least 2042.
Evolution has been granted development consent from the NSW Department of Planning, Housing and Infrastructure to continue open pit mining at Cowal and to develop new structures at the operation.
This includes the extension of the E42 pit, to develop three new open pits, and to continue ore processing at a rate of up to 9.8 million tonnes per annum (mtpa). The mining lease extends to 2045.
Evolution managing director and chief executive officer Lawrie Conway said the regulatory approval is an important milestone for Cowal and the company’s stakeholders.
“Since acquiring Cowal in 2015, the operation has been a cornerstone asset for Evolution delivering material cash flows and high rates of returns, which will now enable its continuation to at least 2042,” Conway said.
“The extension of operations allows continued contributions to the local and national economies through employment, community advancement, payment of taxes and royalties.
“We acknowledge and thank the NSW Government for their continued support of Evolution and the thorough and rigorous approval process undertaken.”
Located 350km west of Sydney, Cowal has had a very successful 2023–24 financial year (FY24).
The operation achieved record annual gold production, delivering 312,644 ounces (oz) of gold at an all-in sustaining cost of $1338/oz.
Cowal commenced underground production in March 2023 and transitioned to commercial production in April 2024, with a 1.5mtpa mining rate achieved a month prior. Evolution is positioned to ramp up Cowal to 2mpta in FY25.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
