mining
03 March 2025
Mining Technologymining
Mar 03, 2025Mining Technology
US-based mining company SSR Mining has finalised its previously announced acquisition of the Cripple Creek & Victor (CC&V) gold mine in Colorado, US, from Newmont Corporation.
The acquisition positions SSR Mining as the third-largest gold producer in the US.
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The transaction, valued at $100m in cash with up to an additional $175m in future milestone payments, is set to enhance SSR Miningâs production scale and portfolio diversity.
SSR Mining and Newmont signed a definitive agreement for the transaction in December 2024.
CC&Vâs inclusion in SSR Miningâs assets is expected to substantially increase the companyâs scale, free cash flow and diversification.
SSR Mining executive chairman Rod Antal said: âWe are thrilled to welcome CC&V and its team to SSR Mining. This transaction adds another long-lived, free cash flow generative asset to the portfolio, and we look forward to showcasing our longer-term plans for the operation.â
The mine reported an 85% increase in gold mineral reserves year over year, with 2.4 million ounces (moz) as of 31 December 2024, up from 1.3moz the previous year.
In addition to the reserves, Newmont disclosed 800,000oz of measured and indicated gold mineral resources and 900,000oz of inferred gold mineral resources at CC&V at the end of 2024.
SSR Mining plans to release a comprehensive technical report and life of mine plan for CC&V in the next 12 months.
Additionally, SSR Mining has received formal approval from the Australian Securities Exchange (ASX) to be removed from its official list under ASX Listing Rule 17.11.
The company intends to remove its listing from the ASX because of the low trading volumes and infrequent activity on this exchange in contrast to the Nasdaq and Toronto Stock Exchange (TSX).
SSR Mining expects the delisting to take effect on 8 April 2025, with its CHESS depositary interests ceasing to trade on the ASX from the close of trading on 4 April 2025.
The companyâs common shares will continue to be traded on the Nasdaq and the TSX.
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Fortescue Posts $5.2 Billion ProfitFortescue has reported a net profit after tax (NPAT) of $US3.4 billion ($5.2 billion) for the 2024â25 financial year (FY25), shipping a record amount of iron ore as the company continues to consolidate strong relations with China.
The iron ore major shipped a record 198.4 million tonnes (Mt) in the year to June 30, supported by strong supply chain performance and lower hematite C1 costs of $US17.99 per wet metric tonne. Underlying EBITDA came in at $US7.9 billion with a margin of 51 per cent.
âAs the industryâs lowest-cost producer, weâve delivered another strong set of results â record shipments, disciplined cost performance, solid earnings and a continued focus on safety,â Fortescue metals and operations chief executive officer Dino Otranto said.
âIn line with our commitment to deliver returns to shareholders, the Board has declared a fully franked final dividend of $0.60 per share, bringing total dividends declared for FY25 to $1.10 per share, representing a 65 per cent payout of net profit after tax.â
The company joined the Australian Prime Minister and other major iron ore miners in a visit to China in July to strengthen trade relations with the country.
âThe Australian Prime Ministerâs recent visit to China, which I was honoured to join, highlighted the value of collaboration between governments and industry,â he said. âIt was a strong signal for strengthening relationships in key markets â something underscored by our recent RMB (Renminbi) term loan facility which was made possible through Fortescueâs long-standing partnerships with Chinese institutions.â
Looking ahead, Fortescue growth and energy chief executive officer Gus Pichot said the company was balancing operational excellence with future growth.
âGreen energy and green hydrogen remain key to our future, including our green iron strategy,â he said. âConstruction of our Green Metal project in the Pilbara is underway and the pilot plant will soon begin producing green iron using green hydrogen.â
Fortescue is targeting FY26 shipments of 195â205Mt, with continued investment in decarbonisation and new growth projects.
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Australian Mining
mining
26 August 20252 min readFortescue Posts $5.2 Billion Profit
Australian Mining
26 August 2025
mining
Fortescue Secures $3 Billion Loan In Landmark China DealFortescue has secured a Renminbi-denominated (RMB) $14.2 billion ($3 billion) syndicated term loan, marking the first RMB facility of its kind by an Australian company.
The deal, backed by leading Chinese, Australian and international lenders, is a significant step in Fortescueâs capital strategy and highlights its strong, long-standing ties with China.
Proceeds from the five-year unsecured facility will support general corporate purposes and Fortescueâs decarbonisation goals, including partnerships with Chinese suppliers and technology leaders.
Fortescue executive chair Andrew Forrest said the loan represents more than just financial backing.
âItâs a signal of what is possible when partners are aligned in ambition,â Forrest said. âAs the United States steps back from investing in what will be the worldâs greatest industry, China and Fortescue are advancing the green technology needed to lead the global green industrial revolution.
âChina continues to lead the world in industrial scale and innovation. Fortescue shares that ambition and drive. This landmark RMB financing strengthens our long-standing partnerships with Chinese institutions and opens new frontiers for collaboration.â
Fortescue group chief financial officer Apple Paget said this financing deepens its engagement with existing financial partners and further expands the companyâs banking syndicate to institutions with Renminbi lending capabilities.
âThe exceptional demand through the syndication process is recognition of Fortescueâs strong credit profile, track record for operating excellence and disciplined capital allocation,â Paget said.
âIt marks another milestone in execution of our capital management strategy, diversifying funding sources, enhancing flexibility and lowering our cost of capital, including achieving Fortescueâs lowest ever cost of debt. It reinforces our position as responsible custodians of capital.â
The facility was arranged by Bank of China and Industrial and Commercial Bank of China (Sydney branches), with a 12-month availability period and repayments starting 18 months after close.
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Australian Mining
mining
08 August 20252 min readFortescue Secures $3 Billion Loan In Landmark China Deal
Australian Mining
08 August 2025
mining
Newmont Finalises Its Us$1 Billion Sale Of TheâŚThe gold mining industry witnessed a significant transaction in August 2025 as Newmont Corporation finalised its US$1 billion sale of the Akyem gold mine to Zijin Mining Group. This strategic divestiture represents a pivotal moment in Newmontâs portfolio optimisation strategy and signals important shifts in the global gold mining landscape amidst changing gold prices analysis.
The Akyem sale marks a decisive move by Newmont to streamline its global operations and focus on what it defines as Tier 1 assets. With the transaction now complete following Ghanaian parliamentary approval, industry analysts are closely examining the implications for both companies and the broader gold market performance.
The transaction reached its conclusion when Newmont received the final payment of US$100 million (approximately A$154 million) after Ghanaâs Parliament ratified the extended Akyem East mining lease. This final payment completed the total transaction value of US$1 billion, with Zijin Mining Group as the buyer.
The deal was structured in two distinct phases:
After accounting for taxes and transaction costs, Newmontâs after-tax proceeds from the sale totaled approximately US$770 million. As stated in Newmontâs official announcement, âThe proceeds will support Newmontâs capital allocation priorities, which include reducing outstanding debt and returning capital to shareholders.â
The Akyem divestiture aligns with Newmontâs strategic focus on what it classifies as Tier 1 assets. According to company documentation, these assets must meet specific criteria:
While Akyem has been a productive asset in Newmontâs portfolio, the mine no longer aligned with these strategic parameters, prompting its inclusion in the companyâs divestiture program.
The concept of âTier 1â assets has become increasingly important in the gold mining sector as companies focus on quality over quantity. These premium assets typically offer superior margins, operational stability, and reduced geopolitical risk compared to smaller or higher-cost operations.
The Akyem transaction represents just one component of Newmontâs comprehensive portfolio optimisation strategy. This broader initiative aims to refine the companyâs asset base following several major acquisitions and position it for sustainable long-term performance.
Newmontâs divestiture program has been substantial in scope and impact:
This systematic pruning of non-core assets follows Newmontâs transformational acquisitions in recent years, including the Goldcorp and Newcrest Mining deals that significantly expanded its global footprint.
Newmont has outlined clear priorities for the proceeds from its divestiture program:
These priorities reflect the companyâs focus on long-term financial health rather than maintaining size for its own sake â a philosophy that has gained traction across the gold mining sector.
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Africa Mining Market
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04 August 20253 min readNewmont Finalises Its Us$1 Billion Sale Of TheâŚ
Africa Mining Market
04 August 2025
mining
Newmont Finalises Its Us$1 Billion Sale Of The Akyem Gold Mine To Zijin MiningâŚThe gold mining industry witnessed a significant transaction in August 2025 as Newmont Corporation finalised its US$1 billion sale of the Akyem gold mine to Zijin Mining Group. This strategic divestiture represents a pivotal moment in Newmontâs portfolio optimisation strategy and signals important shifts in the global gold mining landscape amidst changing gold prices analysis.
The Akyem sale marks a decisive move by Newmont to streamline its global operations and focus on what it defines as Tier 1 assets. With the transaction now complete following Ghanaian parliamentary approval, industry analysts are closely examining the implications for both companies and the broader gold market performance.
The transaction reached its conclusion when Newmont received the final payment of US$100 million (approximately A$154 million) after Ghanaâs Parliament ratified the extended Akyem East mining lease. This final payment completed the total transaction value of US$1 billion, with Zijin Mining Group as the buyer.
The deal was structured in two distinct phases:
After accounting for taxes and transaction costs, Newmontâs after-tax proceeds from the sale totaled approximately US$770 million. As stated in Newmontâs official announcement, âThe proceeds will support Newmontâs capital allocation priorities, which include reducing outstanding debt and returning capital to shareholders.â
The Akyem divestiture aligns with Newmontâs strategic focus on what it classifies as Tier 1 assets. According to company documentation, these assets must meet specific criteria:
While Akyem has been a productive asset in Newmontâs portfolio, the mine no longer aligned with these strategic parameters, prompting its inclusion in the companyâs divestiture program.
The concept of âTier 1â assets has become increasingly important in the gold mining sector as companies focus on quality over quantity. These premium assets typically offer superior margins, operational stability, and reduced geopolitical risk compared to smaller or higher-cost operations.
The Akyem transaction represents just one component of Newmontâs comprehensive portfolio optimisation strategy. This broader initiative aims to refine the companyâs asset base following several major acquisitions and position it for sustainable long-term performance.
Newmontâs divestiture program has been substantial in scope and impact:
This systematic pruning of non-core assets follows Newmontâs transformational acquisitions in recent years, including the Goldcorp and Newcrest Mining deals that significantly expanded its global footprint.
Newmont has outlined clear priorities for the proceeds from its divestiture program:
These priorities reflect the companyâs focus on long-term financial health rather than maintaining size for its own sake â a philosophy that has gained traction across the gold mining sector.
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Africa Mining Market
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04 August 20253 min readNewmont Finalises Its Us$1 Billion Sale Of The Akyem Gold Mine To Zijin MiningâŚ
Africa Mining Market
04 August 2025
mining
Newmont Finalises Its Us$1 Billion Sale Of The Akyem GoldâŚThe gold mining industry witnessed a significant transaction in August 2025 as Newmont Corporation finalised its US$1 billion sale of the Akyem gold mine to Zijin Mining Group. This strategic divestiture represents a pivotal moment in Newmontâs portfolio optimisation strategy and signals important shifts in the global gold mining landscape amidst changing gold prices analysis.
The Akyem sale marks a decisive move by Newmont to streamline its global operations and focus on what it defines as Tier 1 assets. With the transaction now complete following Ghanaian parliamentary approval, industry analysts are closely examining the implications for both companies and the broader gold market performance.
The transaction reached its conclusion when Newmont received the final payment of US$100 million (approximately A$154 million) after Ghanaâs Parliament ratified the extended Akyem East mining lease. This final payment completed the total transaction value of US$1 billion, with Zijin Mining Group as the buyer.
The deal was structured in two distinct phases:
After accounting for taxes and transaction costs, Newmontâs after-tax proceeds from the sale totaled approximately US$770 million. As stated in Newmontâs official announcement, âThe proceeds will support Newmontâs capital allocation priorities, which include reducing outstanding debt and returning capital to shareholders.â
The Akyem divestiture aligns with Newmontâs strategic focus on what it classifies as Tier 1 assets. According to company documentation, these assets must meet specific criteria:
While Akyem has been a productive asset in Newmontâs portfolio, the mine no longer aligned with these strategic parameters, prompting its inclusion in the companyâs divestiture program.
The concept of âTier 1â assets has become increasingly important in the gold mining sector as companies focus on quality over quantity. These premium assets typically offer superior margins, operational stability, and reduced geopolitical risk compared to smaller or higher-cost operations.
The Akyem transaction represents just one component of Newmontâs comprehensive portfolio optimisation strategy. This broader initiative aims to refine the companyâs asset base following several major acquisitions and position it for sustainable long-term performance.
Newmontâs divestiture program has been substantial in scope and impact:
This systematic pruning of non-core assets follows Newmontâs transformational acquisitions in recent years, including the Goldcorp and Newcrest Mining deals that significantly expanded its global footprint.
Newmont has outlined clear priorities for the proceeds from its divestiture program:
These priorities reflect the companyâs focus on long-term financial health rather than maintaining size for its own sake â a philosophy that has gained traction across the gold mining sector.
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Africa Mining Market
mining
04 August 20253 min readNewmont Finalises Its Us$1 Billion Sale Of The Akyem GoldâŚ
Africa Mining Market
04 August 2025
mining
Glencore To Cut Costs By Us$1 BillionGlencore plc said it will cut about US$1 billion of costs after a review of its sprawling network of mines and smelters, as it raised the long-term profit forecast for its commodity trading unit for the first time since 2017.
Glencoreâs position as both a large producer and third-party trader of metals and minerals sets it apart from rivals, which broadly focus on one or the other business. The company has been grappling with lower prices for some of its key commodities â particularly coal, which is traditionally its biggest earner. Its refining business has also been hit by some of the lowest metal processing fees on record.
Glencore didnât provide details of how the cost reductions would be achieved, which it said would be fully implemented by the end of 2026. It will give a further update when it reports financial results next week.
Across the industry, the worldâs biggest miners are looking to remove costs and simplify as the industry faces lower prices for the most profitable commodities such as iron ore and coal. Anglo American plc has already been on a cost cutting drive, while Rio Tinto Groupâs new chief executive officer has been tasked with streamlining the business.
âA comprehensive review of our industrial asset portfolio during the period recognised opportunities to streamline our industrial operating structure, to optimise departmental management and reporting, and to support enhanced technical excellence and operational focus,â CEO Gary Nagle said in a statement.
While the mining side of the business is under pressure, Glencore has increased the long-term forecast for annual profit in its trading business to US$2.3 billion to US$3.5 billion, up from a long-standing level of US$2.2 billion to US$3.2 billion. The trading unit earned US$1.35 billion in the first half, Glencore said.
The new range reflects growth in the existing metals and energy trading businesses, as well as expansion into new markets such as lithium and liquefied natural gas, Glencore said. It also cited âinflationary progression to todayâs dollarsâ.
The increase comes after years of questions from analysts and investors about when it would adjust the range, which Glencoreâs traders have consistently exceeded. The company resisted until now, arguing that earnings were temporarily inflated first by the impacts of the pandemic and then the fallout from Russiaâs invasion of Ukraine, and that markets needed to normalise before it formed a new long-term view.
While commodity trading profits have moderated across the industry from the record levels seen in 2022-2023, some of the biggest players have indicated they expect earnings have reset at a new higher level. Rival Trafigura Group said earlier this year that its trading business had âreached a new cruising altitudeâ below the peaks of recent years, but significantly higher than the level of profitability it saw before the pandemic.
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Africa Mining Market
mining
30 July 20253 min readGlencore To Cut Costs By Us$1 Billion
Africa Mining Market
30 July 2025
mining
Ghana Cancels Us$1.2 Billion Bauxite Deal, Eyes GlobalâŚGhana has cancelled a US$1.2 billion bauxite lease with local firm Rocksure International, seeking a partnership instead with a big overseas company to tap one of West Africaâs richest deposits, three sources with direct knowledge of the matter said.
Potential partners include Dubai-based Emirates Global Aluminium (EGA) or a Chinese firm, two of the sources said.
The termination marks a strategic pivot by Ghana, which holds an estimated 900 million metric tons of bauxite, the seventh largest globally, but has struggled to attract sustained investment in mining and refining infrastructure.
Rocksureâs lease covered the Nyinahin Hills in central Ghana, home to about 376 million tons of bauxite, the feedstock for aluminium.
It was the basis for a joint venture between Rocksure and the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) to build a mine and alumina refinery, with Rocksure holding 70% of the Asante Bauxite Company JV. GIADEC and the government owned 20% and 10%, respectively.
The lease was never ratified by parliament, rendering it void under a 2019 Supreme Court ruling.
âBy the Exton Cubic ruling, without ratification, you have no lease,â one of the sources said, adding that the Ministry of Lands and Natural Resources had informed Rocksure.
GIADEC declined to comment, citing ongoing negotiations. The lands ministry did not respond to requests for comment.
Rocksure also declined to comment.
Another of the sources said the firm had not been formally notified of the termination, only that GIADEC was exiting the JV.
Ghana, Africaâs top gold producer, lags in bauxite production behind regional peers like Guinea, a global bauxite giant.
GIADEC is now actively courting new investors, including EGA and several Chinese firms, the GIADEC source said.
EGA, which lost its mining license in Guinea over delays in building a refinery, signed a memorandum of understanding with GIADEC in June to explore opportunities in Ghana.
âEGA has expressed interest in jointly developing bauxite opportunities in Ghana and is currently assessing the technical and commercial parameters of such collaboration,â the company told Reuters in an email response to queries.
EGA said no binding agreement had been signed, and did not disclose investment figures, resource estimates or timelines.
A third source said EGA had previously considered investing in Ghana around 2022 but backed out to avoid jeopardizing its Guinea license. âThey didnât want Guinea to feel they were shifting focus to Ghana,â the source said.
âSourcing bauxite from Ghana aligns with our objective to grow aluminium production by diversifying our supply base,â EGA said.
GIADEC aims to begin extraction and off-take from the area â known as Block B â in the first quarter of next year. While no deals have been finalised, talks with potential partners are at an advanced stage, according to the first source.
âWeâre looking at all options to see which one serves the interest of the nation,â the first source said.
The Ghana Chamber of Mines projects national bauxite output will rise to 2 million tons in 2025, from a record 1.7 million tons this year.
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Africa Mining Market
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28 July 20253 min readGhana Cancels Us$1.2 Billion Bauxite Deal, Eyes GlobalâŚ
Africa Mining Market
28 July 2025
mining
Ghana Cancels Us$1.2 Billion Bauxite Deal, Eyes Global PartnershipGhana has cancelled a US$1.2 billion bauxite lease with local firm Rocksure International, seeking a partnership instead with a big overseas company to tap one of West Africaâs richest deposits, three sources with direct knowledge of the matter said.
Potential partners include Dubai-based Emirates Global Aluminium (EGA) or a Chinese firm, two of the sources said.
The termination marks a strategic pivot by Ghana, which holds an estimated 900 million metric tons of bauxite, the seventh largest globally, but has struggled to attract sustained investment in mining and refining infrastructure.
Rocksureâs lease covered the Nyinahin Hills in central Ghana, home to about 376 million tons of bauxite, the feedstock for aluminium.
It was the basis for a joint venture between Rocksure and the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) to build a mine and alumina refinery, with Rocksure holding 70% of the Asante Bauxite Company JV. GIADEC and the government owned 20% and 10%, respectively.
The lease was never ratified by parliament, rendering it void under a 2019 Supreme Court ruling.
âBy the Exton Cubic ruling, without ratification, you have no lease,â one of the sources said, adding that the Ministry of Lands and Natural Resources had informed Rocksure.
GIADEC declined to comment, citing ongoing negotiations. The lands ministry did not respond to requests for comment.
Rocksure also declined to comment.
Another of the sources said the firm had not been formally notified of the termination, only that GIADEC was exiting the JV.
Ghana, Africaâs top gold producer, lags in bauxite production behind regional peers like Guinea, a global bauxite giant.
GIADEC is now actively courting new investors, including EGA and several Chinese firms, the GIADEC source said.
EGA, which lost its mining license in Guinea over delays in building a refinery, signed a memorandum of understanding with GIADEC in June to explore opportunities in Ghana.
âEGA has expressed interest in jointly developing bauxite opportunities in Ghana and is currently assessing the technical and commercial parameters of such collaboration,â the company told Reuters in an email response to queries.
EGA said no binding agreement had been signed, and did not disclose investment figures, resource estimates or timelines.
A third source said EGA had previously considered investing in Ghana around 2022 but backed out to avoid jeopardizing its Guinea license. âThey didnât want Guinea to feel they were shifting focus to Ghana,â the source said.
âSourcing bauxite from Ghana aligns with our objective to grow aluminium production by diversifying our supply base,â EGA said.
GIADEC aims to begin extraction and off-take from the area â known as Block B â in the first quarter of next year. While no deals have been finalised, talks with potential partners are at an advanced stage, according to the first source.
âWeâre looking at all options to see which one serves the interest of the nation,â the first source said.
The Ghana Chamber of Mines projects national bauxite output will rise to 2 million tons in 2025, from a record 1.7 million tons this year.
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Africa Mining Market
mining
28 July 20253 min readGhana Cancels Us$1.2 Billion Bauxite Deal, Eyes Global Partnership
Africa Mining Market
28 July 2025
mining
Zambia Plans To Develop A Us$1.1 Billion Oil Refinery InâŚZambiaâs government has signed an agreement that paves the way for the development of a US$1.1 billion crude oil refinery and energy complex in Ndola in the countryâs Copperbelt, it said on Monday.
The planned facility will process about 60,000 barrels per day of crude oil, providing enough refined products to satisfy the Southern African nationâs entire current fuel demand and potentially allowing for future exports to neighbouring countries, a government statement said.
It will save the nation millions of dollars annually in fuel imports once complete, the statement added.
Officials hope construction will start in the third quarter of 2025, with a first phase of commercial operations planned for 2026.
The agreement was between Zambiaâs Industrial Development Corporation and Fujian Xiang Xin Corporation of China.
An IDC spokesperson said the refinery would source crude from the Middle East and that it would be imported through the Tanzanian port of Dar es Salaam.
As well as fuel production, the planned energy complex will include units for liquefied petroleum gas bottling, bitumen production, lubricants blending and a 130-megawatt power plant, Zambiaâs government said.
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21 July 20252 min readZambia Plans To Develop A Us$1.1 Billion Oil Refinery InâŚ
Africa Mining Market
21 July 2025
mining
Zambia Plans To Develop A Us$1.1 Billion OilâŚZambiaâs government has signed an agreement that paves the way for the development of a US$1.1 billion crude oil refinery and energy complex in Ndola in the countryâs Copperbelt, it said on Monday.
The planned facility will process about 60,000 barrels per day of crude oil, providing enough refined products to satisfy the Southern African nationâs entire current fuel demand and potentially allowing for future exports to neighbouring countries, a government statement said.
It will save the nation millions of dollars annually in fuel imports once complete, the statement added.
Officials hope construction will start in the third quarter of 2025, with a first phase of commercial operations planned for 2026.
The agreement was between Zambiaâs Industrial Development Corporation and Fujian Xiang Xin Corporation of China.
An IDC spokesperson said the refinery would source crude from the Middle East and that it would be imported through the Tanzanian port of Dar es Salaam.
As well as fuel production, the planned energy complex will include units for liquefied petroleum gas bottling, bitumen production, lubricants blending and a 130-megawatt power plant, Zambiaâs government said.
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21 July 20252 min readZambia Plans To Develop A Us$1.1 Billion OilâŚ
Africa Mining Market
21 July 2025
mining
Zambia Plans To Develop A Us$1.1 Billion Oil Refinery In Ndola, CopperbeltZambiaâs government has signed an agreement that paves the way for the development of a US$1.1 billion crude oil refinery and energy complex in Ndola in the countryâs Copperbelt, it said on Monday.
The planned facility will process about 60,000 barrels per day of crude oil, providing enough refined products to satisfy the Southern African nationâs entire current fuel demand and potentially allowing for future exports to neighbouring countries, a government statement said.
It will save the nation millions of dollars annually in fuel imports once complete, the statement added.
Officials hope construction will start in the third quarter of 2025, with a first phase of commercial operations planned for 2026.
The agreement was between Zambiaâs Industrial Development Corporation and Fujian Xiang Xin Corporation of China.
An IDC spokesperson said the refinery would source crude from the Middle East and that it would be imported through the Tanzanian port of Dar es Salaam.
As well as fuel production, the planned energy complex will include units for liquefied petroleum gas bottling, bitumen production, lubricants blending and a 130-megawatt power plant, Zambiaâs government said.
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21 July 20252 min readZambia Plans To Develop A Us$1.1 Billion Oil Refinery In Ndola, Copperbelt
Africa Mining Market
21 July 2025
mining
Evolution Mining Hits Record $308M Cash FlowEvolution Mining has capped off the June 2025 quarter with a record quarterly cash flow of $308 million, driven by strong operational delivery and soaring gold prices.
The June quarter also saw a record mine operating cash flow of $697 million, up 16 per cent from the March 2025 quarter with all sites delivering positive net cash flow.
Notably, the Mungari gold operation in Western Australia delivered a 149 per cent surge to $96 million, while the Red Lake gold operation in Canada produced $90 million, a 127 per cent increase.
âWe started the year with the goal of returning to safe, reliable, and consistent performance to achieve guidance and generate significant cash flow,â Evolution Mining managing director and chief executive officer Lawrie Conway said.
âThanks to our committed workforce, we have done that and more, delivering $2.3 billion of operating mine cash flow and $787 million of (annual) group cash flow.â
Evolution ended the 2024â25 financial year (FY25) with a cash balance of $760 million and no debt due until July 2026, having made $220 million in repayments. Gearing improved to 15 per cent, down from 25 per cent, enhancing Evolutionâs balance sheet flexibility.
The companyâs full-year gold production reached 751,000 ounces (oz) and copper production totalled 76,000 tonnes (t), both in line with Evolutionâs FY25 guidance.
Its all-in sustaining cost (AISC) for FY25 was $1572/oz, including $40â45/oz in royalties tied to the higher gold price.
Evolutionâs operations also notched major achievements, with Mungari delivering record production with 620,000t milled following the successful commissioning of its mill expansion.
Red Lake recorded its strongest performance under Evolutionâs ownership, while the Cowal gold operation in New South Wales delivered a record cash flow of $885 million and gained board approval to extend open-pit mining to 2042. The Ernest Henry gold operation in Queensland and the Northparkes gold operation in NSW also posted record annual cash flows.
âWe maintained our capital discipline and built our cash margins, which we expect to sustain in FY26 as evidenced by our group guidance announced today,â Conway said.
Looking ahead, production in FY26 is forecasted at 710,000â780,000oz of gold and 70,000â80,000t of copper, with AISC expected to rise due to stockpiled ore processing and inflationary pressures. However, Evolution anticipates another year of high-margin cash generation.
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Australian Mining
mining
16 July 20252 min readEvolution Mining Hits Record $308M Cash Flow
Australian Mining
16 July 2025
mining