Evolution Mining has announced that it has received approval from the New South Wales Government to extend its operations at the Cowal gold mine to 2042.
The State’s Department of Planning, Housing and Infrastructure (DPHI) has granted approval to the project that will support local jobs as well as provide a boost in the regional economy and sustain long-term growth for the community.
The extension of mining operations at the Cowal gold mine, which was approved after a rigorous planning and environmental assessment process, is expected to generate $134 million of capital investment and ensure ongoing support for over 500 jobs.
“A strong and growing minerals sector is critical to our State’s economy and ongoing prosperity.
“The Cowal gold mine expansion has undergone a robust assessment and will deliver real long-term economic benefits for our State and the Central West community.
“Importantly, this extension will be accompanied by a strong commitment to environmental outcomes and rehabilitation, ensuring a positive legacy,” Minister for Planning and Public Spaces Paul Scully said.
Evolution Mining’s economic impact assessment during the planning process estimated that the expansion would result in an additional $910 million boost to the State economy over the life of the project, which is expected to produce about 1.6 million ounces of gold and 1.5 million ounces of silver.
The Development Consent granted to the Cowal gold operations include the continuation of open pit mining with extension of the E42 pit alongside the development of three new open pits, and continuation of ore processing at a rate of approximately 9.8Mtpa.
Construction of the new open pits is expected to create an additional 64 full-time jobs and contribute an additional $56 million in royalties for the New South Wales Government.
As part of the mine’s extension, the company is committed to utilising cutting-edge technology to reduce environmental impacts and enhance its rehabilitation efforts to ensure a positive legacy for the mine for future generations.
The approval of the Cowal gold mine extension signals confidence in the future of mining in New South Wales, underpinned by world-class environmental and sustainable mining practives and a commitment to regional employment.
The project will now proceed to the Commonwealth Government for determination.
“The approval received today is an important milestone for Cowal and our stakeholders. Since acquiring Cowal in 2015, the operation has been a cornerstone asset for Evolution delivering material cash flows and high rates of returns, which will now enable its continuation to at least 2042.
“The extension of operations allows continued contributions to the local and national economies through employment, community advancement, payment of taxes and royalties.
“We acknowledge and thank the NSW Government for their continued support of Evolution and the thorough and rigorous approval process undertaken,” Evolution Mining Managing Director and Chief Executive Officer Lawrie Conway said.
The Cowal gold mine is located about 350 kilometres west of Sydney, situated within the Bland Shire on the traditional lands of the Wiradjuri people. It is the second most significant gold resource in the State.
The New South Wales Government has recently updated its Critical Minerals and High-Tech Metals Strategy. The State is now well placed to be a global leader in the race for critical minerals, with deposits of 21 of the 31 nationally identified critical minerals as well as identified resources of priority minerals and metals including scandium, copper, silver and cobalt.
The updated strategy sets a vision for the State to become a global leader in critical minerals, driving the clean energy transition and rebuilding domestic manufacturing.
The International Energy Agency estimated that over the next two decades, the world will need six times the amount of critical minerals currently mined to reach global net-zero carbon emissions.
“It’s encouraging to see the long tradition of metals mining in NSW continue with the extension of the Cowal gold mine.
“This is a great decision for the Central West. It brings new jobs, secures existing roles and will further sustain the regional economy.
“With world-class deposits of critical minerals and high-tech metals, we want to realise more opportunities like this in NSW as we build towards the clean energy future,” Minster for Natural Resources Courtney Houssos said.
Source: NSW Government – Media Releases; Evolution Mining (1, 2); Yahoo! Finance