Evolution Mining is celebrating the extension of regulatory approval that will see its Cowal gold operation in New South Wales continue mining for at least another 18 years.
The NSW Department of Planning, Housing and Infrastructure has officially approved the extension, having granted a ‘development consent’.
This consent will see open pit mining continue with the extension of the E42 pit and development of three new open pits, and the continuation of ore processing at a rate of up to 9.8 million tonnes per annum.
The Cowal gold mine employs almost 400 full time workers, mostly from the local Lake Cowal area.
“The approval received today is an important milestone for Cowal and our stakeholders,” Evolution managing director and chief executive officer Lawrie Conway said.
“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.”
Cowal achieved record annual gold production under Evolution ownership in the 2023–24 financial year (FY24), producing 312,644 ounces at an AISC of $1338 per ounce.
The mine is poised to ramp up to a two million tonne production in FY25.
Cowal is one of six five wholly owned Evolution mines, joining Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada, and an 80 per cent share in Northparkes in NSW.
The company’s 2025 gold production guidance is 710,000–780,000 ounces and copper production of 70,000–80,000 tonnes at an all-in sustaining cost range of $1475–$1575 per ounce.
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