Evolution Mining (ASX:EVN) has been given government approval for its Cowal Gold Operation in NSW to develop the underground mine.
The company says its $380 million investment in the underground mine near West Wyalong in NSW will generated around 160 new jobs during the peak of the construction phase, and around 230 new long-term jobs when the mine is in full operation.
Evolution notes that the NSW Department of Planning, Industry & Environment (DPIE) approval will extend the operation’s permitted mine life to 2040. The underground mine links to Evolution’s goal of safely producing in excess of 350,000 ounces of gold per annum from Cowal, with the addition of a new higher grade underground ore source to blend with ore from the E42 open pit.
The news comes after Evolution submitted an application, supported by a comprehensive Environmental Impact Statement, to modify development consent to the DPIE in September last year. An extensive public exhibition phase was undertaken late last year, receiving strong support from the local government, the local community and the Wiradjuri people.
Following board approval in July this year, the project remains on schedule and budget.
Shares in Evolution Mining (ASX:EVN) are trading 2.4 per cent higher at $3.58.
Image from: https://evolutionmining.com.au/cowal/