Friday, 30 August, 2013 - 13:24
Gold miners look for cost savings
Gold sector players Evolution Mining and Ampella Mining have revealed additional cost-cutting initiatives to deal with the impact of low spot prices for the precious metal.
Jacob (Jake) Klein was appointed executive chair of Evolution Mining in October 2011, following the merger of Conquest Mining and Catalpa Resources. Previously, he served as the executive chair of Conquest Mining. Prior to that, Mr Klein was president and chief executive of Sino Gold Mining where, along with Mr Askew (director from 2002 and chairman from 2005 of Sino Gold), he managed the development of that company into the largest foreign participant in the Chinese gold industry.
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Gold sector players Evolution Mining and Ampella Mining have revealed additional cost-cutting initiatives to deal with the impact of low spot prices for the precious metal.
Gold miner Evolution Mining has reported a $50 million net profit after tax largely due to starting commercial production at its Mt Carlton mine and significant cost reductions in response to a lower gold price.
Gold company Evolution Mining has finalised its purchase of La Mancha Resources' Australian assets and secured $100 million in financial firepower to continue its growth opportunities.
Evolution Mining has bought a large stake in a local gold mining company with tenements near La Mancha's mines and processing plant near Kalgoorlie, which Evolution is also buying.
New resources opportunities will emerge in WA as older projects start to wind down production, or are closed.
Gold is a rare bright light in the mining industry, with major changes during the past two years to be followed by the opening of multiple new mines and more M&A deals. Click through to find the special report, which ranks WA producers, and looks at Gold Corp, executive pay, and new gold projects.
The past year has marked a period of major change at many of WA’s gold producers in terms of personnel and pay.
Three fast-growing gold miners have undertaken further expansion moves in Western Australia, with Evolution Mining announcing its intention to make a takeover offer for Phoenix Gold.
Northern Star Resources, Saracen Mineral Holdings and Evolution Mining have highlighted a profitable year for the gold mining sector.
Evolution Mining says it's close to completing its protracted acquisition of smaller rival Phoenix Gold.
Gold miner Evolution Mining has lifted its full-year production guidance after strong output from recently acquired mines took production to record levels.
Evolution Mining expects to benefit from higher gold prices and renewed interest in the sector despite swinging to a $15.5 million half-year loss.
Gold’s rising stocks and role in the post-boom recovery will make this year’s Diggers & Dealers the most promising for many years.
Evolution Mining will pay Glencore $880 million in a deal to take an interest in the Ernest Henry copper and gold mine in Queensland.
Ramelius Resources is set to become a 200,000 ounces per annum gold producer after acquiring Evolution Mining’s Edna May operation near Merredin for up to $90 million in cash and shares.
The state’s gold miners are positioning themselves to take advantage of the commodity’s surging value.
Northern Star Resources and Evolution Mining have emerged as the main contenders to acquire Barrick Gold’s share in the historic Kalgoorlie Super Pit.
Evolution Mining has agreed to spend $18 million on exploration over the next five years on West Perth-based Musgrave Minerals’ Cue gold project in the Murchison region.
Evolution Mining has agreed to buy Canadian gold mining complex Red Lake from Newmont Goldcorp Corporation for $US375 million ($A553 million) in cash.
Goldminers on opposite coasts have diverging views on the value of Western Australia's hard border closure.
Gold assets in the US and Canada are on the radar for local producers.
This month’s Diggers & Dealers was notable as much for what didn’t appear on the official program as what did.
Traditional supply chains are under threat as China seeks greater control over its raw materials supply.
Northern Star Resources has sold a large portion of its Kalgoorlie operations to Evolution Mining on the same day it appointed Stuart Tonkin as the goldminer’s new managing director.
Evolution Mining and Oz Minerals have foreshadowed lower-than-expected production and likely cost increases at their respective projects.
Mining sector leaders Jake Klein and Sharon Warburton said today the sector as a whole needed to recognise more action was needed to achieve respectful workplaces.
In this podcast Mark Beyer and Mark Pownall discuss Aboriginal Cultural Heritage, planning backflip, airlines, road project delays, LNG industrial action, Hancock and more
Evolution Mining has inked a binding agreement to acquire a major interest in a copper and gold mine in New South Wales under a $720 million deal.
Pilbara gold developer De Grey has refused to comment around speculation that it could be the target of rival interest, saying it is focused on developing its Hemi project.
Mungari goldmine owner Evolution Mining has reported a massive 158 per cent net profit increase across its business, amid a record gold price environment for Australian producers.
Evolution Mining boss Jake Klein believes the geopolitical uncertainty gripping world will create an opportunity for Australia to make itself an even greater jurisdiction of choice.
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