Cowal (100% Ownership)

The Cowal gold operation is a world-class, open pit gold operation located 350km west of Sydney. It is situated within the Bland, Lachlan and Forbes Shires on the traditional lands of the Wiradjuri People. Mining approval has been granted to 2032 and this long mine life provides a tremendous runway to capture additional upside.

Cowal had another great year in FY20 with gold production of 262,035 ounces was within guidance of 255,000 – 265,000oz. AISC of A$933/oz was pleasingly at the bottom end of the A$930 – A$980/oz guidance range. Full year net mine cash flow was A$235.6 million. 

Cowal declared an initial underground Ore Reserve of 804kozs and increased the GRE46 Mineral Resources to 2.9Mozs in July 2020. The project team has completed an enormous amount of work to date that has enabled us to release this great result.

We completed the Warraga Decline development and metallurgical bulk sample. Approximately 22,000m of underground diamond drilling was also completed improving our orebody knowledge. The ongoing development of the Integrated Waste Landform and the Stage H cutback progressing as expected during the year.

During the year the operation was faced with Stage 3 water restrictions which accelerated the completion of critical projects to mitigate the effect of the drought conditions. This included: a pipeline twinning project; advancing several new saline bores; and completing assessments for the suitability of newly identified saline bore fields to reduce our reliance on fresh water sources into the future.

Cowal is a long life, low cost asset that will be a cornerstone of our business for many years to come.


Blasting is undertaken on-site daily, generally between the hours of 11.00am and 3.00pm.


Video: Cowal overview

Play Video

Building towards a sustainable 350,000 ounce per annum of safe, reliable, low-cost production

Scroll to Top