Ernest Henry (Economic interest)

The Ernest Henry copper-gold operation is a large-scale, long-life asset operated by Glencore. The operation employs a sub-level caving ore extraction method. It is located 38km north east of Cloncurry, Queensland on the traditional lands of the Mitakoodi people.

In November 2016 Evolution acquired an economic interest in Ernest Henry that will deliver 100% of future gold and 30% of future copper and silver produced within an agreed life of mine area. Outside the life of mine area, Evolution will have a 49% interest in future copper, gold and silver revenue from Ernest Henry.

Throughout the duration of our partnership, Glencore has operated the asset exceptionally well and has consistently delivered results which exceed the agreed mine plan.
The Ernest Henry transaction has materially improved the quality and longevity of Evolution’s portfolio and significantly reduced our cost profile.

FY20 gold production of 94,902oz was above the 87,500 – 92,500oz guidance range. A negative AISC of A$(432)/oz was slightly above guidance of
A$(590) – A$(540)/oz after accounting for copper and silver by-product credits of (A$1,852/oz). Full year net mine cash flow was a record A$256.6 million.

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