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EVN, EVOLUTION MINING LIMITED
nipper
post Posted: Aug 15 2019, 04:57 PM
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QUOTE
Evolution Mining executive chairman Jake Klein has some sage advice for investors wondering whether the meteoric rise in the Australian dollar gold price – up from $1800 an ounce at the end of May to a spot price of about $2250 – can continue.

“You can’t find a gold miner that doesn’t think the gold price is going up. We’re only right 50 per cent of the time – at a maximum,” Klein said on Thursday.

Klein is very sensibly not banking on a rising gold price, and he certainly won’t be rushing to do a big acquisition unless he’s sure it will strengthen the group and deliver value for shareholders.

But what he is determined to do is return excess cash to shareholders while the high gold price means he’s swimming in cash.

Evolution increased its final dividend by 50 per cent to six cents a share, and changed its payout policy from 50 per cent of net profit to 50 per cent of cashflow before debt repayments and M&A.

The company is spending a lot more on mine development and exploration, but Klein wants to do the right thing by investors at the right time.

“This is a time to be rewarding shareholders,” he says. “This is our shareholders’ money and we’re going to give it back to them.”




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 11 2019, 12:58 PM
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QUOTE
Shares in Evolution Mining softened slightly on Wednesday despite the company declaring it is back in a net cash position on the back of surging gold prices. Evolution gave shareholders an early look at its quarterly production figures, saying its mines had thrown off $217.4 million in operating cash flow in the June quarter, producing 194,866 ounces of gold, up from 175,901 in the March quarter.

In Aussie dollar terms the gold price lifted from about $1810 an ounce at the beginning of the period to a record high closing on $2045/oz, averaging 1871 for the three months to the end of June. Evolution said it finished the quarter in a $35.2 million net-cash position, with the company holding $335.2 million in cash and bullion and owing $300 million after repaying $30 million worth of borrowings.

While the strong gold price underpinned a solid quarter of cash generation for the gold miner, Evolution confirmed it had missed its cost annual cost guidance on the back of problems hitting high-grade zones in its Mungari operations outside of Kalgoorlie, and at its Mt Rawdon mine in Queensland.

Total production for the financial year of 753,001 ounces was in the middle of Evolution’s 720,000 to 770,000 guidance range, but its annual average all-in sustaining cost (AISC) of $924/oz was $24/oz above the top end of its $850 to $900/oz prediction.

In addition to grade issues at some of its mines, Evolution blamed the high gold price for missing its cost guidance, saying it was forced to pay more than it expected in royalties.

The company said it expects to produce 725,000 to 775,000 ounces this financial year, at an average AISC of $890 to $940/oz.

first time I've heard that : "blamed the high gold price for missing its cost guidance" with increased royalty payments



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Jul 27 2018, 12:07 PM
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In Reply To: blacksheep's post @ Jul 19 2018, 01:50 PM

According to AFR Street Talk

JPMorgan, Citi seek buyers for $257m Evolution Mining block

La Mancha is selling 92 million shares - brokers are seeking $2.79/share.
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 19 2018, 01:50 PM
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In Reply To: blacksheep's post @ Jun 20 2018, 01:48 PM

QUOTE
Notable short alert reported on Friday - might indicate someone thinks the SP is due for a fall?

Updated chart - SP still falling - now $3.03
Shorts also falling - position @ 13/7/2018 = 1.14%
https://www.shortman.com.au/stock?q=evn
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jun 20 2018, 01:48 PM
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Posts: 6,217
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In Reply To: blacksheep's post @ Jun 18 2018, 01:18 PM

QUOTE
Notable short alert reported on Friday - might indicate someone thinks the SP is due for a fall?

Updated chart
SP down - currently $3.40/share
https://www.shortman.com.au/stock?q=evn
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jun 18 2018, 01:18 PM
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Posts: 6,217
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In Reply To: blacksheep's post @ Feb 1 2018, 06:49 PM

SP up slightly today - currently @ $3.575.

Notable short alert reported on Friday - might indicate someone thinks the SP is due for a fall?

QUOTE
Fri 15th Jun, 2018 18,741,633 1,692,612,049 1.10% 21,315,274 87.93%

https://www.shortman.com.au/stock?q=EVN
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Feb 1 2018, 06:49 PM
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La Mancha selling $60m stake in Evolution, Citi on trade
QUOTE
Citi was offering the stock at $2.74 to $2.81 a share.

The parcel was worth $60.7 million to $62.2 million, depending on the final price.

Read more: http://www.afr.com/street-talk#ixzz55qPe2J2d

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Jul 23 2017, 01:22 PM
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In Reply To: nipper's post @ Apr 8 2016, 08:53 AM

QUOTE
Evolution Mining will review its dividend policy after making significant inroads into its debt pile during the 2017 financial year, chief financial officer Lawrie Conway says.

The gold miner repaid $325 million of debt in 2016-17. More than a third of this, $125 million, was repaid in the June quarter. The effort knocked Evolution's net debt to $399 million and reduced its gearing level to 16 per cent, just above the 15 per cent target it had set for the end of the year.

Mr Conway said the company accelerated repayments in 2017 to bring its gearing back to 15 per cent, which was where it sat before Evolution geared up to acquire an economic interest in Glencore's Ernest Henry copper-gold mine for $880 million in August 2016.

The progress on debt, along with Evolution's transition to paying franked dividends from the 2017 final dividend, warranted a fresh look at the dividend, Mr Conway said. "With the position we have placed the balance sheet in over the last six months and access to franking credits we will review our dividend policy as part of signing off our full year financial results".

Evolution would not repay debt at the same pace in 2018 because it considered its balance sheet "in a good position now". It finished the year with $37.4 million cash in the bank, up from $21.9 million at the end of March.

"Our debt repayment commitments are now met until April 2018 and we only have $50 million of commitments in FY18," Mr Conway said. "In FY18 we are obviously moving into the waste stripping at Cowal and so some cash will be directed toward that but our plan in FY18 will be not to accelerate our payments as much as we did in FY17 so we will actually be building up some cash in the first half of the year before moving into our debt commitments in the second half of the year."




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Apr 8 2016, 08:53 AM
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Evolution Mining Ltd. (EVN) said it paid down 80 million Australian dollars (US$60 million) worth of debt last quarter as it posted record gold production and cash flow from its Australian mines.

On Friday, the company reported gold output of 208,963 troy ounces for the three months through March, up from 203,700 ounces in the December quarter, and operating mine cash flow of A$154.9 million. It recorded a cash balance of A$35.3 million and total debt of A$400 million.

"We are consistently making positive inroads on our cost profile and generating very strong free cash flow [which] has allowed us to aggressively reduce debt," said Executive Chairman Jake Klein. He said the company has repaid A$207 million in debt over the past seven months.





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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
flower
post Posted: Apr 20 2015, 10:06 AM
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EVN combines with La Mancha.

EVN buys out LM's Australian interests resulting in a much larger entity capable of producing nearly 600,000 ozs of gold annually at an AISC of $A960-$A1000.
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La Mancha Combination Share Sale Agreement
http://www.asx.com.au/asx/statistics/displ...;idsId=01617125



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Combining Fundamental comments with Fundamental charts.
 
 


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