Days after confirming its $1 billion Cowal expansion, Evolution has revealed a $400 million transaction to turn its Mungari mine into a ‘cornerstone’ asset in a deal with rival Northern Star Resources.
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Some good news, a bit of bad, and spending hundreds of millions of dollars didn’t win the minds of investors for Evolution Mining, with the company’s shares losing 5% on Friday.
Read MoreThe Hold rating and $4.68 target are retained.
Read MoreCredit Suisse likes Evolution Mining for its peer low cost, strong free cash flow generation and positive production growth outlook. The Outperform rating remains intact with the target dropping to $4.60 from $5.10.
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Gold miner Evolution is expanding its involvement in the Canadian mining industry with a second deal in less than two years, the purchase of Canadian group Battle North.
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A soft September quarter was expected for Evolution Mining but two key assets are in transition and represent key upcoming catalysts for the gold producer.
Read MoreEvolution Mining’s September quarter preliminary group production sits in-line with Morgan Stanley’s estimate with costs slightly better than the guidance and broker forecast.
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Evolution Mining has confirmed its reputation as a consistent performer in the gold sector, although most brokers assess this is reflected in the price.
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A rising US dollar gold price is taking global gold equities higher and brokers note Australian gold stocks are lagging the move.
Read MoreGold equities have suffered from the liquidity-driven global sell-off over recent weeks but several brokers suggest the outlook is much brighter, as flight-to-safety concerns take over.
Read More2020 is looking like being a year to forget for gold miner Evolution even as gold prices have started the year strongly and the Aussie dollar has again faded back well under 70 US cents.
Read MoreBoth production and costs were below guidance in the December quarter. The company has also flagged a potential downgrade to the resource at Mount Carlton and water security issues at Cowal.
Read MoreA mostly positive reaction from the market to the late news on Tuesday from Evolution Mining revealing a big move into Canada.
Read MoreAustralia’s move into the North American gold mining industry continues with Evolution Mining revealing a $US375 million ($A553 million) deal with the world’s biggest gold miner, Newmont Goldcorp, to buy the latter’s Red Lake gold mining complex in Canada.
Read MoreEvolution Mining will acquire Red Lake from Newmont for US$375m plus a contingent consideration of up to US$100m.
Read MoreFirst-quarter production was weak, although grades at Cowal allowed production to be in line with Morgan Stanley’s estimates. Cost guidance for FY20 has increased to $940-990/oz.
Read MoreBullion’s romp beyond the record $2000 an ounce level in Aussie dollar terms has prompted investors to take a closer look at the pantheon of ASX-listed local gold producers – despite some problems in the mid-tier that have tarnished the sector.
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I know this is the fifth time I am writing about gold but with the precious metal surging to fresh new multi-year highs I need to stress to readers the enormous opportunity that is being presented to investors.
Read MoreGold continues to perform well in US dollar terms and even better in Australian Dollar terms and the backdrop to a higher gold price is only strengthening. It, along with the “yield crunch” thematic I have discussed here all year long are my two favourite broad market trends that present an enormous opportunity for investors.
Read MoreTwo contrasting results from two of the country’s major medium level gold miners – Northern Star Resources and Evolution Mining.
Read MoreRising costs and falling production hit Evolution Mining yesterday with the shares down after the December quarter report revealed the extent of the problems.
Read MoreShares in Evolution Mining rose 0.9% to $3.36 yesterday after it reported a solid March quarter production effort and narrowed its full year guidance range.
Read MoreGold miner Evolution Mining has boosted shareholder returns sharply despite a 10% slide in interim to $122.5 million for the December half. Directors declared a fully franked interim dividend of 3.5 cents, up from two cents unfranked a year ago.
Read MoreGold miner Evolution has lifted production and cut costs in the September quarter, helped by a strong performance at its Cowal mine in NSW and Ernest Henry and Mt Carlton mines in Queensland.
Read MoreEvolution Mining trimmed its 2017-18 gold production guidance and cut its costs estimate after selling the high cost Edna May mine to Ramelius Resources for up to $90 million.
Read MoreEvolution Mining (EVN) had a series of good news announcement for the market yesterday – a return to profit, and record profit, a doubling of interim dividend and the decision to push ahead with the more than $260 million worth of spending on the expansion of its Cowal gold mine in western NSW.
Read MoreEvolution Mining shares outperformed in yesterday’s miserable market, thanks to a trading update which revealed a doubling of its dividend rate after a strong performance on production and costs in the 2015-16 financial year.
Read MoreEmerging gold miner, Evolution Mining (EVN), looks set for another upgrade to its performance after the market caught up with its September quarter production and exploration update yesterday.
Read MoreEvolution Mining (EVN) has surprised by winning the bidding for Barrick Gold’s rich Cowal gold mine in central NSW for $US550 million (or $A704 million).
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