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16/2/2018 — Gold
Impressive half year for Evolution

Miner Evolution Mining Ltd (ASX: EVN) which last year was exploring the Puhipuhi gold-silver prospect in Northland until receiving negative drilling results, has turned in one of the best results in the December half for an Australian gold company.

It yesterday reported a half-year statutory net profit after tax of $A122.5 million and underlying profit after tax of $A124.7 M for the six months.

There was a strong operating performance across Evolution’s sites with half-year production of 407,459 ounces. All-in sustaining costs (AISC) declined by 20% from the December 2016 half-year to $A785/oz ($US611/oz).

Group cash generation continued to strengthen with net cash flow after investing up 20% to $A176.8 M .This was a result of mine operating cash flow increasing 22% to $A415.1 M and net mine cash flow increasing 37% to $A292.5 M.

The major cash flow contributors were Ernest Henry in Queensland ($A107.4 M), Cowal in New South Wales ($A87.3 M) and Mt Carlton in Queensland ($A57.5 M).

A fully franked dividend of 3.5 cents/share was declared for the period.

Net bank debt was reduced by 61% to $A231.5 M and gearing was reduced from 22% in the previous half to 9.5%.

PDF File Half year report. (639.9 kilobytes)
PDF File Results presentation. (1.3 megabytes)
Companies mentioned in article
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