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%.
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