Mungari – Mine life extended to at least 2038
The Mungari operation is located 600km east of Perth and 20km west of Kalgoorlie in Western Australia, on the lands of the Marlinyu Ghoorlie People and other knowledge holders. Evolution works closely with the native title claimants over the majority of the Mungari tenements.
Mungari mined above plan in FY23 to produce another solid contribution to the Group’s overall gold production result with gold production of 135,592 ounces at an average AISC of $2,083 per ounce. Production was above original production guidance of 127,500 and within cost guidance of $2,040 per ounce (+/- 5%). Operating mine cash flow was $107.9 million, sustaining capital was $34.2 million and major capital was $58.1 million.
FY24 gold production is planned to be approximately 130,000 ounces of gold (+/- 5%) at an AISC of $1,930 per ounce (+/- 5%). The Board approved capital investment of $250 million for the Mungari plant expansion from 2 million tonnes to 4.2 million tonnes per annum following completion of the Mungari Future Growth Feasibility Study.
Details on the Feasibility Study outcomes can be viewed here. The project will ramp-up during the September 2023 quarter with a 30-month construction period, including long-lead items and approvals, for commissioning by the end of the March 2026 quarter.