The investment of approximately $270 million at the mine near West Wyalong will increase total production by 1.2 million ounces, the company announced yesterday.
The Board decision follows recent approval from the NSW Department of Planning and Environment to extend the life of Cowal by eight years to 2032.
Executive Chairman Jake Klein said: “When Evolution purchased Cowal in July 2015, a key objective was to reinvigorate exploration with the aim of extending the mine’s life beyond its scheduled closure in 2024. We are delighted that the success of our recent drilling and regulatory approval
has enabled us to deliver on this goal. This significant new investment will take place over the next four years, securing the long- term future of the Cowal Gold Operation and help provide job security for our local mine employees, contractors and suppliers.”
The new investment will deliver two major projects, the E42 Stage H cutback and the Dual Leach project.
The E42 Stage H Cutback will widen and deepen the existing open pit at a cost of $230 million.
A further $35 to $40 million investment in the Dual Leach project will add an ad- ditional leaching circuit to the processing plant to increase gold production by up to 14,000 ounces per year.
Cowal employs approximately 400 full- time employees and contractors.