Original article by Peter Ker
The Australian Financial Review – Page: 17 & 22 : 29-Nov-19
Evolution Mining is optimistic that all-in sustaining production costs at the Red Lake gold mine in Canada will fall to less than $US1,000 an ounce in three years’ time. Production costs at the mine currently exceed $1,600 an ounce, while gold is trading at $US1,452 an ounce. Evolution’s deal to acquire the mine from Newmont for $US375m ($555m) is part of a growing trend for Australian miners to buy underperforming gold assets with hopes of turning them around.
EVOLUTION MINING LIMITED – ASX EVN, NEWMONT GOLD COMPANY, NEWCREST MINING LIMITED – ASX NCM, ST BARBARA LIMITED – ASX SBM, SARACEN MINERAL HOLDINGS LIMITED – ASX SAR, NORTHERN STAR RESOURCES LIMITED – ASX NST, OCEANAGOLD CORPORATION – ASX OGC, BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, IMPERIAL METALS CORPORATION, BARRICK GOLD CORPORATION, ATLANTIC GOLD CORPORATION