Gold miners have been battling negative investor sentiment amid interest rate rises across the world and Evolution’s announcement increased worries that further absenteeism and extreme weather events would also hit the other miners in the sector.
Evolution, which owns mines in Australia and Canada, lowered its 2022 production guidance to 640,000 ounces – down from both, the 650,000 it had guided in April and the initial full-year output forecast of 670,000 ounces.
This is the fifth consecutive year that the company revises its gold production targets down.
Evolution said that since the Western Australia border opened in early March, more than 30% of the Mungari mine’s workforce of about 500 people had been absent for at least seven days because of covid.
It also noted that heavy rain had slowed production at Cowal, in New South Wales.
Evolution also lowered production estimates for the fiscal…
