Why the Evolution Mining (ASX:EVN) share price is charging higher today

This gold miner is glittering on Friday…
The post Why the Evolution Mining (ASX:EVN) share price is charging higher today appeared first on The Motley Fool Australia. –

The Evolution Mining Ltd (ASX: EVN) share price has started the month in fine form.

In morning trade, the gold miner’s shares are up 4.5% to $3.65.

Why is the Evolution Mining share price charging higher?

Investors have been bidding the Evolution Mining share price higher today for a couple of reasons.

One was a strong rise in the gold price overnight amid heightening market volatility. This has boosted the gold miners today, leading to the S&P/ASX All Ordinaries Gold index rising 2.1%.

Also supporting the Evolution Mining share price was the release of an announcement.

According to the release, the company’s Cowal Gold Operation has been granted regulatory approval to develop an underground mine by the NSW Department of Planning, Industry & Environment (DPIE).

The development will extend the operation’s permitted mine life to 2040 and is part of the company’s plan to safely and reliably produce in excess of 350,000 ounces of gold per annum from Cowal.

It will come at a cost. Management estimates that an investment of $380 million will be necessary for the development. Though, it has previously stated that it expects to generate a strong return on investment from the underground mine.

Management commentary

Evolution Mining’s Executive Chairman, Jake Klein, was very pleased with the news.

He said: “The approval of this new underground mine at Cowal is a significant milestone for this world class operation. We have a bright future at Cowal with permitted mine life extended to 2040, and further job security for our local employees and contractors. We would like to acknowledge and thank the Bland, Forbes and Lachlan Shire Councils, the DPIE and the NSW Government, the NSW Minerals Council, the traditional custodians of the land the Wiradjuri people and the local community for their support of this important project.”

The Evolution Mining share price is still down a disappointing 31%.

The post Why the Evolution Mining (ASX:EVN) share price is charging higher today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Evolution Mining right now?

Before you consider Evolution Mining, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Evolution Mining wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

5 things to watch on the ASX 200 on Thursday

Here are the top 10 ASX shares today

Which ASX 300 shares are leading the way mid-week?

ASX 200 (ASX:XJO) midday update: Big four banks fall, Afterpay tumbles

Why the Evolution Mining (ASX:EVN) share price is slumping to a 52-week low

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!