Evolution’s Cowal one step closer to expansion
Evolution Mining has secured board approval to extend its Cowal gold mine in NSW until 2042.
The extension, which will prolong Cowal’s open pit operations, is set to generate a promising rate of return of 71 per cent using the current spot gold price or 34 per cent at a $3300-per-ounce (oz) price.
This move follows approval from the Federal Government and NSW Department of Planning, Housing and Infrastructure to advance continuation of Cowal’s open pit mine.
The project will see the development of the existing E42 pit and support the emergence of three new satellite pits, contributing an additional two million ounces in production over the next 10 years.
“Cowal is undoubtedly a world-class asset and a key asset in the Evolution portfolio,” Evolution managing director and chief executive officer Lawrie Conway said.
“The operation has fully repaid the acquisition cost and subsequent investment with a 17-year mine life remaining.
“The (open pit continuation) project represents a major milestone for Cowal, unlocking the potential for further sustained growth, enhanced shareholder returns, and the opportunity to leave a lasting positive impact for our stakeholders and the communities in which we operate.”
Open pit mining complements the underground opportunities at Cowal, which are on-track to ramp up to 2.4 million tonnes of throughput in the 2025–26 financial year, representing approximately 30 per cent of mine feed and 50 per cent of gold produced.
The open pit continuation project is set to begin in July 2025.