Evolution swings from loss to record profit

Gold miner Evolution Mining has reported record net profit of A$217.6-million for the 2017, compared with a net loss of A$24.3-million in 2016, on the back of higher sales revenues and lower group all-in sustaining costs (AISC). “In the 2017 financial year, we continue to deliver on our business strategy of improving the quality of our asset portfolio to build a business that prospers through the cycle. An ongoing focus on lowering costs, together with the acquisition of an economic interest in Ernest Henry copper/gold mine and the divestment of Pajingo, saw Evolution achieve another year of record high production and record low costs which contributed to a strong underlying net profit of A$206.6-million,” said Evolution executive chairperson Jake Klein.