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08 April 2025
Mining Technologymining
Apr 08, 2025Mining Technology
Canadian gold mining company New Gold has signed an agreement with Ontario Teachers’ Pension Plan to acquire the remaining 19.9% free cash flow interest in the New Afton copper-gold mine in British Columbia, Canada, for a $300m (C$425.51m) cash payment in return.
The payment will be financed through available cash, borrowings from an existing credit facility and a gold prepayment financing arrangement.
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Approximately $100m of the cash payment will be funded through gold prepayment financing.
Under this arrangement, New Gold will deliver a predetermined number of gold ounces over a 12-month term, which represents around 8% of the company’s projected consolidated gold production for that period.
This transaction will result in New Gold fully consolidating its free cash flow interest in the mine to 100%.
Global investor Ontario Teachers’ formed a strategic partnership with New Gold in 2020, acquiring a 46% free cash flow interest in the New Afton mine for $300m upfront.
In 2024, this interest was reduced to 19.9% following a $255m cash payment from New Gold.
Additional terms of the transaction include the termination of all existing agreements related to Ontario Teachers’ interest in New Afton, such as the right to a $20m cash payment on a change of control of New Gold before 31 January 2026.
The transaction’s closing, expected at the beginning of May, is subject to customary conditions and does not require shareholder approval.
New Gold anticipates increased upside potential from ongoing exploration activities at the New Afton mine, including a $17m investment in 2025 focused on the K-Zone.
New Gold president and CEO Patrick Godin said: “This is an excellent transaction allowing New Gold to fully consolidate the free cash flow exposure to one of Canada’s highest quality gold/copper assets, which we already own and operate. This transaction allows us to grow in an exceptional location with no diligence or integration risk, and with no equity dilution to our shareholders.
“With the C-Zone ramp up progressing well, New Afton is on the verge of exceptional production growth and cost improvement that should lead to increased free cash flow generation. Our goal is to maximise this free cash flow generation at the mine, while continuing our exploration programme to extend mine life and create further value for our shareholders and stakeholders. We would also like to thank Ontario Teachers’ for their support and partnership over the last five years.”
In August 2022, Foran Mining entered into a preliminary agreement for a C$200m investment from the Ontario Teachers’ Pension Plan Board in the McIlvenna Bay project in eastern Saskatchewan, Canada.
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Barminco Secures $130M Mining Contract From Westgold Resources In AustraliaPerenti has announced that its underground mining division, Barminco, has secured a A$200m ($130m) contract with Westgold Resources to deliver underground mining services at the Great Fingall project in Western Australia.
The Great Fingall project is expected to operate as a long-life, high-margin underground mine with an annual production exceeding 45,000oz. It is a relatively small mine, making it suitable for contract mining.
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The mine is expected to be a high-grade operation characterised by cost efficiency and productivity, and supported by a comprehensive mine plan, reliable drilling data, favourable ground conditions and well-established mine infrastructure.
Westgold managing director and CEO Wayne Bramwell said: “Westgold continues to focus on increasing mine productivity and further leveraging its extensive capital base. Our in-house mining team and fleet is best deployed in our larger, strategic assets and this capability gives us the optionality to utilise specialist contractors in our smaller mines.”
Barminco was chosen for the Great Fingall project based on the company’s safety protocols, mining efficiency, and proven delivery record, following a competitive tender process.
The three-year contract encompasses a range of services including mine development, production and related underground mining services. It includes an option to extend by 12 months.
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Perenti managing director and CEO Mark Norwell said: “We are excited to be partnering with Westgold on the Great Fingall project. This award highlights the depth and scale of Barminco’s mining and technical capability and supports the ongoing focus of growing our underground mining business in Australia and select regions internationally.”
Mobilisation for the project is scheduled to commence in July 2025, with first production from the mine expected in 2026.
Perenti expects the capital requirement for the project to be around A$16m of growth capital in fiscal year 2026.
Perenti Contract Mining president Gabrielle Iwanow said: “We are proud to mark the beginning of a new relationship between Westgold and Barminco on the Great Fingall project.
“Westgold’s decision is an endorsement of the strength of our technical capability and our commitment to safe and efficient operations. We look forward to building a strong partnership that delivers value for both companies and the communities in which we operate.”
Earlier this month, Perenti secured a contract worth A$1.1bn to carry out underground mining operations in the Siou and Wona regions of the Mana complex in Burkina Faso, West Africa.
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26 June 20253 min readBarminco Secures $130M Mining Contract From Westgold Resources In Australia
Mining Technology
26 June 2025
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Ghana Expects Us$12 Billion A Year From Small-Scale Gold MiningGhana expects to rake in US$12 billion a year from small-scale gold production if output doubles as planned.
Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.
“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about US$6 billion by the end of this year, but we are confident that we will reach the US$12 billion in annual inflows from next year.”
The West African nation, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign-exchange earner as gold prices climb. Bullion is trading near US$3,300 an ounce after reaching successive records during the past year.
Ghana’s gold exports rose more than 50% to US$11.6 billion last year. The country is Africa’s top producer of the metal, but small-scale mining, which represents about a third of output, has underpinned an increase in black-market trading.
The regulator has ramped up its gold purchases from artisanal miners to fight smuggling, Gyamfi said in an interview in the capital, Accra. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said.
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22 May 20252 min readGhana Expects Us$12 Billion A Year From Small-Scale Gold Mining
Africa Mining Market
22 May 2025
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Ghana Expects Us$12 Billion A Year From Small-Scale…Ghana expects to rake in US$12 billion a year from small-scale gold production if output doubles as planned.
Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.
“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about US$6 billion by the end of this year, but we are confident that we will reach the US$12 billion in annual inflows from next year.”
The West African nation, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign-exchange earner as gold prices climb. Bullion is trading near US$3,300 an ounce after reaching successive records during the past year.
Ghana’s gold exports rose more than 50% to US$11.6 billion last year. The country is Africa’s top producer of the metal, but small-scale mining, which represents about a third of output, has underpinned an increase in black-market trading.
The regulator has ramped up its gold purchases from artisanal miners to fight smuggling, Gyamfi said in an interview in the capital, Accra. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said.
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22 May 20252 min readGhana Expects Us$12 Billion A Year From Small-Scale…
Africa Mining Market
22 May 2025
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World'S First Fleet Of 100 5G-A Autonomous Electric Mining Trucks Launched At Yimin MinePowered by a 5G-Advanced (5G-A) network, the mine became the world's first opencast mine to achieve large-scale vehicle-cloud-network synergy, which has greatly improved production safety and set a new benchmark for intelligent mining.
As coal is China's primary energy source and key to its energy strategy, the country has been driving the transition towards a high-end, intelligent, and green coal industry. To this end, China Huaneng Group Co., Ltd. (China Huaneng) has partnered with Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Huawei Technologies Co., Ltd. (Huawei), and State Grid Smart Internet of Vehicles Co., Ltd. on a joint innovation project to develop the world's first zero-carbon, autonomous, and intelligent opencast mine transportation system, which pioneers high-quality industry development.
Li Shuxue, Chairman of Huaneng Inner Mongolia Eastern Energy Co., Ltd., stated at a launch event in Hulunbuir (Inner Mongolia) on 15 May that the company is actively working to drive an energy transition in mining transportation. As a key part of these efforts, it is replacing fuel vehicles with electric ones to build safe, intelligent, and green mines.
Supported by technological innovations, the Huaneng Ruichi autonomous electric mining trucks are industry-leading in several areas: Each truck can carry a load of 90 metric t and operate continually in extreme cold of –40°C, while delivering 120% of the comprehensive operational efficiency of a manually-driven truck. In addition, Huawei Cloud provides the Commercial Vehicle Autonomous Driving Cloud Service (CVADCS) that uses a crowdsourced map for real-time operational location updates. This enables fast route optimisation, reduces waiting times, and improves operational efficiency, maximising the strengths of collaborative truck fleet operations.
Furthermore, as the first autonomous mining truck in China without a driver's cabin, Huaneng Ruichi places personnel safety above all else, keeping them away from equipment hazards and harsh environments to greatly reduce related risks. It is a paramount challenge to safeguard personnel and equipment safety while improving productivity in extreme working conditions such as freezing temperatures at high altitudes, and heavy rain, snow, and dust. Addressing such challenges places high requirements on data processing and system collaboration capabilities.
Zhang Ping'an, Executive Director of Huawei and CEO of Huawei's Cloud Computing Business Unit, noted that Huawei has provided AI algorithms for open-pit mining. These algorithms enable precise sensing for autonomous vehicles and efficient collaboration on the cloud, which is uniquely suited to accelerating the coal mining industry's transition from manual to intelligent operations. This success case is an example of how digital and intelligent technologies can drive the high-quality development of the coal mining industry. It is not only a lighthouse project that demonstrates China's innovative integration of 5G, cloud, AI, and new energy technologies, but an exploration into how AI can be used to tackle pressing challenges in specific industry scenarios.
Read the article online at: https://www.globalminingreview.com/mining/20052025/worlds-first-fleet-of-100-5g-a-autonomous-electric-mining-trucks-launched-at-yimin-mine/
Nomadic Venture Partners and Current have announced the launch of the Mining Water Tech Pilot Pathway Program to support startups developing water-related innovations for the mining industry.
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20 May 20253 min readWorld'S First Fleet Of 100 5G-A Autonomous Electric Mining Trucks Launched At Yimin Mine
Global Mining Review
20 May 2025
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Understanding The Next Steps In The $20 Trillion Seabed Mining OpportunityInterest in mining the seabed has dramatically accelerated thanks to recent US moves to allow mining inside and outside its own territorial waters. While this is clearly controversial given that regulations to cover extraction within international waters are still being developed by the International Seabed Authority (ISA)- created by the United Nations Convention on the Law of the Sea, which the US has not ratified, it demonstrates the potential and risks in this area.
The positive benefits of seabed mining
Seabed mining offers a US$20 trillion opportunity to extract critical minerals that are essential for batteries, electric vehicles (EVs), and other green technologies. While traditional land-based mining is increasingly constrained by diminishing ore grades, stricter environmental regulations, and rising production costs, seabed deposits are staggeringly abundant and generally higher quality. For example, analysis based on US Geological Survey data demonstrates that seabed manganese reserves are over four times greater than those on land.
Recent innovations are making seabed mining increasingly feasible. Echo-sounding bathymetry, for example, uses sonar to enable detailed mapping and sampling of the seabed, providing high-resolution images for identifying resource-rich areas. Advances in underwater vehicles are also helping to make mining more viable, although challenging, complex operating conditions still mean that projects are costly.
Understanding the scenarios for the future
As well as a lack of developed regulations, seabed mining also brings significant environmental considerations. In 2023 5000 new species were discovered in the Clarion-Clipperton Zone (CCZ) between Hawaii and Mexico, an area that contains an estimated 30 billion metric t of polymetallic manganese nodules. Companies including Volvo, Volkswagen, BMW, Google, Patagonia, Philips, Samsung SDI, and Scania have all said that say they will not use deep-sea mined metals until the environmental risks are “comprehensively understood.”
With the US pushing forward on fast-tracking permits for deep sea mining, there are three viable scenarios for the industry. The most likely is that competing regulatory frameworks emerge, eroding the ISA’s authority and leading to a lack of unified environmental or operational standards, risking environmental degradation. Alternatively, concerted national and environmental pressure and legal action could lead to the ISA mining code being finalised and enforced globally, or finally a free-for-all competitive resource rush may develop, with countries adopting their own standards. Currently, the first scenario is most likely given the momentum behind US initiatives and the lack of progress with the ISA’s regulations.
Options for the industry
The Metals Company (TMC) has already submitted an application to the US government for a permit to begin operations. Given the scale, risk, and cost of the opportunity, other mining players need to understand their own options. They should closely monitor the regulatory situation, and build resilient supply chains and partnerships with a range of countries. To secure permits, maintain a social license to operate, and mitigate reputational risks they need to demonstrate strict environmental stewardship, all while developing contingency plans for different regulatory and market scenarios. This will enable them to properly evaluate opportunities and potentially dive into the opportunity moving forward.
Read the article online at: https://www.globalminingreview.com/mining/16052025/understanding-the-next-steps-in-the-20-trillion-seabed-mining-opportunity/
Lloyd’s Register Foundation has announced the launch of its new Global Safety Evidence Centre, backed by a £15 million investment over 10 years.
Global Mining Review
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16 May 20253 min readUnderstanding The Next Steps In The $20 Trillion Seabed Mining Opportunity
Global Mining Review
16 May 2025
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Canada Growth Fund Commits $111M For Foran Mining’S Mcilvenna Bay ProjectCanada Growth Fund (CGF) has committed approximately C$156m ($111.6m) in a C$350m strategic non-brokered private placement by Foran Mining, a Canadian copper mining company.
The commitment has been made in partnership with co-investors such as Agnico Eagle Mines, which is committing C$90m, and C$75m committed by certain affiliates of Fairfax Financial Holdings, a Canadian holding company.
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Additionally, an institutional equity investor is also participating in this offering, committing C$28m.
This investment by CGF and its partners will support Foran’s efforts to develop its flagship asset, the McIlvenna Bay project in Saskatchewan, Canada.
The offering will be completed in two tranches, with Foran issuing 116.6 million common shares at $3 each for gross proceeds of around C$350m.
The first tranche of approximately C$296m is expected to close around 28 May 2025, pending customary conditions and Toronto Stock Exchange approval.
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Dan Myerson, Foran’s executive chairman and CEO, will also personally invest approximately C$1m in the offering.
Proceeds from the offering are earmarked for the construction completion at McIlvenna Bay and for advancing exploration at nearby and regional targets.
Yannick Beaudoin, president and CEO of Canada Growth Fund Investment Management, the exclusive investment manager of CGF, said: “Canada has a strategic advantage in critical minerals and CGF is committed to building strong supply chains for these minerals, from extraction to end-use.”
McIlvenna Bay is a polymetallic deposit located along the Flin Flon Greenstone Belt. It is currently the only copper and zinc deposit under construction in Canada.
The project will contribute to local job creation and increase Canadian copper and zinc production by up to 4% and 22%, respectively.
Myerson said: “Advancing a scalable project like McIlvenna Bay takes tenacity, adaptability and a long-term view. We are committed to making the right decisions to create lasting value – prioritising smart capital allocation, steady execution, and building the foundation for a scalable, multi-generational operation in a world-class district and jurisdiction.”
In July 2024, Foran Mining announced a financial package of up to C$315m to support the initial phase of the McIlvenna Bay project.
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15 May 20252 min readCanada Growth Fund Commits $111M For Foran Mining’S Mcilvenna Bay Project
Mining Technology
15 May 2025
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Vedanta Resources Weighs Zambia Copper Ipo To Fund Us$1 Billion InvestmentVedanta Resources, the mining and energy company controlled by Indian billionaire Anil Agarwal, is considering listing its Zambian copper unit to raise the funds it needs to invest in the asset.
“Listing is an option,” Ajay Goel, chief financial officer of Mumbai-listed Vedanta Ltd., said on Friday. “It is hard to give a timeline definitely, but it’s under active consideration.”
He did not provide details on the size or location of the potential float.
The company regained control of the Konkola Copper Mines assets in Zambia last year, after the southern African nation’s government triggered its provisional liquidation about five years earlier, accusing Vedanta of lying about expansion plans and paying too little tax. The company has pledged to invest US$1 billion in the operation as part of negotiations with the state to secure its return to Konkola.
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02 May 20251 min readVedanta Resources Weighs Zambia Copper Ipo To Fund Us$1 Billion Investment
Africa Mining Market
02 May 2025
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Weir Completes $840M Acquisition Of Mining Software Company MicromineUK-based engineering company Weir has announced the completion of the previously announced acquisition of Micromine, a provider of mining software solutions, for an enterprise value equivalent to £624m ($840m).
Micromine is known for its advanced software spanning the entire upstream mining value chain including exploration, mine design, planning and operations for various mining applications.
The transaction follows the initial agreement disclosed in February 2025.
Weir plans to integrate Micromine’s offerings with its MOTION METRICS and NEXT intelligent solutions, aiming to establish a digital solutions portfolio for the mining industry. Until the integration is complete, Micromine will be reported within the ESCO Division.
Kristen Walsh, formerly the regional managing director of Minerals APAC, will lead the new Digital Solutions division as president.
Andrew Birch, Micromine’s current CEO, will continue to advise Weir for up to one year to support the transition.
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The addition of Micromine is projected to enhance Weir’s operating margins by approximately 25 basis points in 2025.
The company anticipates around £16m in one-off integration and acquisition-related costs as exceptional items over 2025 and 2026.
The funding of this acquisition is also expected to result in an increase in interest costs of around £25m for the year.
Weir CEO Jon Stanton said: “Weir’s mission is to deliver mining technology for a sustainable future, helping the mining industry produce the metals needed to power the global energy transition. Digital has a big part to play, and Weir is innovating and investing in digital solutions to make mining smarter, more efficient and sustainable.
“Bringing together Micromine with our existing digital technologies, our vision is to create a digital platform that helps our customers optimise their performance at each step along the mining value chain. This is about bringing together Weir’s knowledge, capabilities and expertise to create sector-leading digital solutions for the mining industry.”
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01 May 20252 min readWeir Completes $840M Acquisition Of Mining Software Company Micromine
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01 May 2025
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The Evolving Landscape Of Sustainable MiningIn the pursuit of sustainability, the mining industry is increasingly turning towards innovative solutions to reduce its environmental footprint. One such solution involves in-pit crushing and conveying (IPCC) systems, which are widely regarded as more sustainable and efficient alternatives to traditional diesel truck haulage.
However, as the mining sector continues its journey toward decarbonisation, the emergence of battery-electric haul trucks (BEHTs) as a viable alternative to diesel-powered trucks introduces new considerations. BEHTs promise to reduce emissions and align with broader sustainability goals, yet questions persist regarding their scalability, operational efficiency, and cost-effectiveness in large-scale mining operations. This is especially true when compared to IPCC systems, as the industry awaits commercially available BEHTs (greater than 140 t).
There are intricate trade-offs involved; while both offer potential, each presents distinct challenges and benefits, largely influenced by site-specific factors and long-term objectives.
IPCC: A proven solution with room for improvement
IPCC systems have been in operation for years, with several mining companies adopting them to reduce their reliance on trucks and improve efficiency. The central benefit of IPCC is its ability to move material by conveyors, which is more energy efficient. By eliminating the need for trucks, these systems significantly cut down on fuel use and emissions. Additionally, for some sites, IPCC offers improvements in mine closure by creating better landforms for waste material, thus reducing the need for costly dozing activities during mine decommissioning.
A significant advantage of IPCC systems is their ability to provide continuous material transport, unlike the cyclical nature of truck haulage. Trucks, even those powered by batteries, require time to load, haul, and unload, often creating bottlenecks and inefficiencies. Conveyors, on the other hand, ensure steady, uninterrupted material flow from the pit to the processing plant or waste dump. This continuous flow improves material handling operating time, making IPCC a more efficient solution in terms of both time and resources.
However, the technology is not without its challenges. IPCC solutions require considerable capital investment. Given the complexities of the required infrastructure, the upfront costs can make it a challenging decision for many to commit initially. While these systems are capable of delivering long-term operational savings and sustainability benefits, their initial infrastructure demands – including mobile crushers, conveyors, and other equipment – can be prohibitive for some projects.
Moreover, the extent to which IPCC can be fully ‘truckless’ depends on the specific mine site. A fully mobile IPCC system, which would eliminate trucks entirely, may not be feasible for all operations. In many cases, hybrid solutions, which combine IPCC with a smaller truck fleet, may offer the best balance between sustainability and operational flexibility. It really is a case of understanding each site and thinking outside of the typical truck shovel operation.
This is a preview of an article that was originally published in the March 2025 issue of Global Mining Review.
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17 April 20253 min readThe Evolving Landscape Of Sustainable Mining
Global Mining Review
17 April 2025
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Mining'S Moment To Go Fully ElectricElectrification is a critical component of the mining industry’s transition to a more sustainable future. While global sustainability goals demand change, mining companies are faced with the dual challenge of increasing productivity while dramatically reducing their environmental footprint.
The adoption and evolution of electrification has fast become a necessity in modern mining, especially when it comes to lowering carbon emissions. According to ABB’s ‘Mining’s Moment’ report, 91% of those surveyed consider electrification essential to, or part of, their decarbonisation strategy. By offering enhanced efficiency, electrification fosters a long-term sustainable business model that balances the bottom line with environmental responsibility.
With increasing pressure to reduce carbon emissions, the shift from diesel-powered equipment to electric alternatives is gaining momentum, and the benefits extend beyond the environment. Electric mines can make business sense by increasing productivity, lowering energy costs, and improving operational uptime. ABB research showed that 70% of companies believe significant decarbonisation can be achieved using existing technologies.
Mining’s future is electric
The shift towards cleaner propulsion is just one part of a larger movement toward digitalisation and automation in the mining industry. The future is poised to accommodate fully electric, autonomous mines where machines, trucks, and humans can communicate seamlessly to optimise operations. This vision of an all-electric mine is achievable with continued innovation and investment in new technologies, but stems from the appropriate utilisation of the technology available today.
Autonomous haul trucks powered by electricity will be able to work around the clock, without fatigue, improving operational efficiency and safety by keeping human intervention to a minimum. The use of data analytics and AI will allow for predictive maintenance, ensuring that equipment operates at peak efficiency, whilst simultaneously reducing unplanned downtime.
Reducing carbon emissions in mining extends far beyond the trucks on the surface; it encompasses the entire operation, from underground equipment to power distribution and energy management systems. Almost half (45%) of mining companies surveyed said they are taking an incremental, step-by-step approach to decarbonisation, focusing on individual assets and processes. Regardless of approach, the industry’s focus on electrification must be holistic, ensuring that the entire mining ecosystem benefits from the transition to electric technologies. Whether optimising energy use or improving the performance of machinery, electrification is the key to driving sustainable mining operations.
Through these technological innovations, mining companies will be able to meet the increasing global demand for minerals while reducing their environmental impact. The shift toward electrification is not just a trend, but an essential step toward sustainable mining without compromising on productivity.
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16 April 20253 min readMining'S Moment To Go Fully Electric
Global Mining Review
16 April 2025
mining
Queensland Committed To Streamlining Mining ApprovalsThe newly formed Queensland Resources Cabinet Committee has met with key stakeholders to discuss ways to increase efficiency across the state’s resources sector.
One of the Queensland Government’s 100-day plan commitments following the recent state election was to establish the Resources Cabinet Committee (RCC).
The RCC – which is chaired by Queensland Natural Resources and Mines Minister Dale Last – is considering policies and initiatives to maintain and improve the competitiveness of Queensland’s resources sector and the value of its supply chain.
In working towards this objective, the RCC has met with representatives from the Queensland Resources Council, Coal Australia, Australian Energy Producers, and the Association of Mining and Exploration Companies.
Each industry body representative put forward targeted proposals that aim to reduce mining project delays and streamline the approvals process – both of which are key priorities of the RCC.
Reflecting on the discussion meeting, Last said industry leaders want better certainty and decision-making across the Queensland resources sector, as well as greater opportunities for regional growth.
“The (Queensland) Government backs our mining and gas industries and the thousands of families across regional Queensland whose livelihoods depend on a strong resources sector,” Last said.
“We are committed to working in consultation and collaboratively with key industry stakeholders to find improvements to the mining approvals system and ensuring projects aren’t left to languish for years without a decision.
“The Resources Cabinet Committee is getting on with the job, delivering a system that is efficient, transparent and pro-investment. This will ensure resource project proponents can invest with confidence to create jobs and support regional economies.”
Peak industry bodies recently welcomed the Queensland Government’s decision to withdraw the mining lease objections review in favour of moving it under the RCC’s responsibilities, reducing potential regulation duplication and further approval delays.
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16 April 20252 min readQueensland Committed To Streamlining Mining Approvals
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16 April 2025
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Evolution Mining Approves $273M Cowal Expansion Project In AustraliaEvolution Mining’s board has approved an A$430m ($273.15m) investment to expand its Cowal Gold Operations in New South Wales (NSW), Australia.
The Cowal Open Pit Continuation (OPC) project will add an estimated two million ounces (moz) of gold production and extend the mine’s life by ten years to 2042.
The decision follows approval last year from the NSW Department of Planning, Housing and Infrastructure and the Federal Government earlier this year.
The OPC project includes continued mining at the existing E42 pit and the development of three new satellite pits – E46, GR and E41 – to the north and south of E42.
Evolution Mining managing director and CEO Lawrie Conway said: “Today, the Board has approved the project, which has compelling returns of 71% at current spot gold price and a short payback period. It will contribute to the goal of sustaining Cowal’s current production rate, while at the same time delivering significant economic benefits for all stakeholders.
“The project represents a major milestone for Cowal, unlocking the potential for further sustained growth, enhanced shareholder returns, and the opportunity to leave a lasting positive impact for our stakeholders and the communities in which we operate.”
Evolution Mining said that exploration efforts are ongoing, targeting further mineralisation that could support underground mining.
The expansion of open-pit operations will enable access to high-grade ore underground, supporting plans to increase underground output to 2.4 million tonnes by fiscal year 2026 (FY26).
At that point, underground production is expected to account for around 30% of total mine feed and 50% of gold output.
Since its acquisition by Evolution Mining in 2015, the Cowal operation has generated more than A$1.62bn in net mine cash flow, including A$479m in the first nine months of FY25.
Evolution Mining operates six mines across Australia and Canada, with Cowal being one of its wholly owned sites.
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16 April 20252 min readEvolution Mining Approves $273M Cowal Expansion Project In Australia
Mining Technology
16 April 2025
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