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"am not sure how EVN calculates ' one of the lowest-cost gold producers in the world ' there are some rivals that run a pretty tight ship"FULL OWNERSHIP OF ERNEST HENRY – ACQUISITION COMPLETED
Evolution Mining Limited (ASX:EVN) (“Evolution”) is pleased to advise that it has completed the acquisition of full ownership of the Ernest Henry copper-gold mine located ~38km north-east of Cloncurry, Queensland (“Ernest Henry”). The acquisition was via an agreement to acquire 100% of the shares in Ernest Henry Mining Pty Ltd from Glencore. Evolution has paid Glencore A$800 million from available cash on hand with the remaining A$200 million due and payable on 6 January 2023.
Ernest Henry will generate immediate benefits from increased copper production which will reduce Group All In Sustaining Costs (AISC) by around 12% on a full year basis, and cements Evolution as one of the lowest cost gold producers in the world. The operation also has attractive growth potential below the current operating footprint which is the subject of a pre-feasibility study. Commenting on the completion of the transaction, Executive Chairman Jake Klein said: “Acquiring full ownership of Ernest Henry is transformational for Evolution and again demonstrates our track record of identifying and securing opportunities that are both accretive and improve the quality of the portfolio.
Ernest Henry is a world class operation in a Tier 1 jurisdiction which we know well through our previous economic interest investment in 2016. I extend a warm welcome to our new colleagues that join Evolution today.
We look forward to continuing to build on our relationships with the local communities in Cloncurry and Mt Isa, and with the traditional custodians of the land, the Mitakoodi People.” This announcement has been authorised for release to the ASX by the Executive Chairman.
DYOR
i hold EVN
am not sure how EVN calculates ' one of the lowest-cost gold producers in the world ' there are some rivals that run a pretty tight ship
several miners benefit nicely from ' by-products ' ( silver, copper , and other minerals mixed in the ore )"am not sure how EVN calculates ' one of the lowest-cost gold producers in the world ' there are some rivals that run a pretty tight ship"
probably EVN is taking the copper credit.
In Grasberg (Indonesia) Freeport used to produce gold at a negative price because it is a copper mine on the book.https://en.wikipedia.org/wiki/Grasberg_mine
Olympic Dam produces uranium as a copper mine too,
However, EVN is talking themselves up or considering the cash cost only. With heavy CAPEX going on, their actual AISC would make them lower on the ladder.
Per Kitco, EVN is the 4th lowest. Kirkland is a publicity shy company with lower AISC
Lowest cost gold mining companies in Q3 2021 - report
A roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.www.kitco.com
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I worked at the Grasberg mine for a short while when Freeport Macmoran owned it."am not sure how EVN calculates ' one of the lowest-cost gold producers in the world ' there are some rivals that run a pretty tight ship"
probably EVN is taking the copper credit.
In Grasberg (Indonesia) Freeport used to produce gold at a negative price because it is a copper mine on the book.https://en.wikipedia.org/wiki/Grasberg_mine
Olympic Dam produces uranium as a copper mine too,
However, EVN is talking themselves up or considering the cash cost only. With heavy CAPEX going on, their actual AISC would make them lower on the ladder.
Per Kitco, EVN is the 4th lowest. Kirkland is a publicity shy company with lower AISC
Lowest cost gold mining companies in Q3 2021 - report
A roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.www.kitco.com
View attachment 136674
View attachment 136673
Ha HaI worked at the Grasberg mine for a short while when Freeport Macmoran owned it.
Was a very impressive place, those yanks love an engineering challenge, and pulled most of it off very well.
Problem was, they have a firm belief that if it was not invented in the USA, its no good.
Mick
So did you ever get to New Orleans headquarters ( or NOLA as they used to call it)?Ha Ha
I also worked with Freeport but in Canada, Peru and USA.
We did have the Pres, VP and few directors ex PTFI .? ? ?
So I know what you are saying in PTFI.
Fortunately I was hand-picked from Oz land by FCX and the yanks often asked my opinion being an Australian Miner.
So I was slightly advantaged
PM me.So did you ever get to New Orleans headquarters ( or NOLA as they used to call it)?
I was tempted to visit there a few years ago when the wife and I spent a few days in New Orleans, but there was so many tempting things to see and do, we ran out of time.
Got their pound of flesh, working 6 days a week 12 hours a day.
They paid very well, but a ruthless co to work for.
There were two planes a week out of Tembagapura to Cairns, on Wednesdays and Sundays.
So if it got to Wednesday and you were not fired, you were safe till Sunday.
If you got to Sunday and you were not fired, you were safe till Wednesday.
Every 3 months we got a weeks R and R in Cairns all expenses paid.
Still enjoyed it while I was there.
Missus and the kids were not so keen.
Mick
EVN price is now up.
Market already factored in to the price, much before the result was announced
Looks like Fat Prophets or Motley Fool saying - they always have a purchase at a very low price but also bought at a much higher price.i guess that means i don't buy ( extra ) today
oh well , there is always next year ( i normally resist chasing ) i bought the last parcel @ $3.72 in September 2021
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