Evolution Mining has been given the approval to push through with further works at the Mt Carlton mine located approximately 150 kilometres south of Townsville in Queensland. In addition, $60 million has been invested towards this project.
This project will include underground development, Stage 4 pit cut-back and significant plant modifications that will help bring forward production from Mt Carlton’s higher grade Link zone.
First ore from the underground mine is anticipated for the 2021 financial year. Mt Carlton has an expected mine life until 2025.
Evolution Mining also has the confidence that it can further expand the mine’s underground reserves.
Once the underground development has been established, additional drilling will take place to follow up on a number of “promising” drill intersections which have not been included in the initial underground reserves.
This development still requires the necessary regulatory approval and applications will be lodged with the Department of Environment and Science (DES) in the coming month.
“Evolution’s focus continues to be on margin and profitability. Mt Carlton is a very high margin asset which has been a standout in Evolution’s portfolio. The mine has generated over $100 million in net mine cash flow in each of the last three years. The underground development of the Link zone ensures the continued production of high margin ounces,” Evolution Mining Executive Chairman Jake Klein said.
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