Changes are coming at the Red Lake Mine Complex with a new boss in charge.
Australias Evolution Mining calls the northwestern Ontario operation an undercapitalized asset and intends to spend a significant amount of money on exploration to find more high-grade gold.
The Sydney-based gold miner finalized its acquisition of the complex with Newmont on March 31.
Evolution announced in late November it was acquiring the Red Lake Gold Complexin a US$475 million.
The deal is structured to enable Newmont to receive $375 million cash and a $100-million contingent payment where Evolution will pay Newmont $20 million for each one million ounces of new gold resources, staggered over a 15-year period.
The Red Lake operation has a 13-year mine life and, according to Evolution, there is outstanding exploration potential to grow the resource base in a geological environment that they are quite familiar with.
Their strategy is recapitalize the asset to reduce operational costs and spent money on development and exploration over the next three years.
Want to read more stories about business in the North? Subscribe to our newsletter.
Part of the transformation program has already started with changes on the personnel side.
The mine general manager has been replaced and the search is on for a successor. The site leadership team has been reduced from 12 to 7 people.
Evolution expects to announce more changes shortly with regards to the broader workforce.
Beginning in February, Evolution began a complete overhaul of the approach toward exploration.
To build on Red Lakes history of high-grade discoveries, Evolution is consolidating all their inherited geological data for their 460-square-kilometre property.
The goal is amalgamate the 130 individual block models into a more simplified model using Evolutions methodology. The geology and exploration teams are being combined under one manager.
This will set things up for 2021 when plans will be in place to rapidly scale up drilling.
Next years exploration drilling budget is estimated to be $20 million to $25 million (Australian dollars).
Up to eight underground drill rigs will be utilized with a stated objective of finding high-grade gold across their entire land holdings.
Currently, there are four rigs operating underground doing definition and grade control drilling. Results should be out in the March 2020 quarterly report.
Evolution also expects to accelerate mine development to more than 1,000 metres per month by next December, up from an average of 668 metres from last December.
The company said their executive team has spent considerable time in Red Lake to start planning their turnaround strategy.
Among the key takeaways from their tour was a high level of confidence that there was more gold to be discovered, a belief that there are places to cut costs, and very positive engagement with workers who know that change is necessary for the operations long-term future.
In a statement, Evolutions executive chair Jake Klein said in starting their search to acquire a Canadian operation in 2017, Red Lake was identified as having the most upside.
The driver for our interest was both the outstanding potential for the discovery of new, high grade mineralization and clear turnaround opportunity to restore it to being a safe, efficient, long life, low cost operation."
The company reports there have not been any positive tests of COVID-19 among its employees or contractors on site.
All fly-in/fly-out traffic has ceased but only 10 per cent of the Red Lake workforce has unable to work due to travel restrictions. That doesnt seem to have impacted production or mine development work, Evolution said.
See the original post:
Evolution Mining puts its Red Lake turnaround strategy in motion - Northern Ontario Business
- Days of our Lives' Suzanne Rogers on the Evolution of Maggie: "She Knows Who She Is Now, and She's Not Relying ... - Michael Fairman TV - March 14th, 2024 [March 14th, 2024]
- Kylie Jenner Talks About Her Style Evolution - The Cut - March 14th, 2024 [March 14th, 2024]
- Equator Coffees Unveils New Packaging Design, Reflecting Brand Evolution & Vision For The Future - Sprudge - March 14th, 2024 [March 14th, 2024]
- Rosewood Hotel Group Accelerates Growth And Evolution Across Its Four Distinctive Brands - Hospitality Net - March 14th, 2024 [March 14th, 2024]
- Thomson Reuters Unveils New Brand Evolution - Adweek - March 14th, 2024 [March 14th, 2024]
- Is It Becoming Acceptable to Speak of Design? - Discovery Institute - March 14th, 2024 [March 14th, 2024]
- Did Charles Darwin Convert to Christianity and Discredit Evolution on His Deathbed? - Snopes.com - March 14th, 2024 [March 14th, 2024]
- Milk, it's not just for mammals: An amphibian makes it too - NPR - March 14th, 2024 [March 14th, 2024]
- Discover Puerto Rico Debuts Evolution of Its Successful 'Live Boricua' Brand Campaign Aimed at Engaging Visitors ... - Yahoo Finance - March 14th, 2024 [March 14th, 2024]
- A Journey Through Time: The Evolution of Ras Al Khaimah Art - Business Wire - March 14th, 2024 [March 14th, 2024]
- Empowering Women: The Evolution and Innovation of coto Social Platform - CXOToday.com - March 14th, 2024 [March 14th, 2024]
- The Evolution of Da'Vine Joy Randolph - The Root - March 14th, 2024 [March 14th, 2024]
- Study on mating behaviors offers clues into the evolution of attraction - Phys.org - March 14th, 2024 [March 14th, 2024]
- Dragonball Evolutions live-action Goku says goodbye to Toriyama: Sorry we messed up - AS USA - March 14th, 2024 [March 14th, 2024]
- Investec, evolution of SMEs in the materials handling sector - Leasing Life - March 14th, 2024 [March 14th, 2024]
- Pride & Prejudice and the evolution of the female gaze on screen - Yahoo News UK - March 6th, 2024 [March 6th, 2024]
- Joe Wong's Musical Evolution - Shepherd Express - March 6th, 2024 [March 6th, 2024]
- A global survey of prokaryotic genomes reveals the eco-evolutionary pressures driving horizontal gene transfer - Nature.com - March 6th, 2024 [March 6th, 2024]
- Redefining Intelligence: Chimpanzees Break Through the Cultural Evolution Barrier - Medriva - March 6th, 2024 [March 6th, 2024]
- Mollusk Eyes Reveal How Future Evolution Depends on the Past - Quanta Magazine - March 6th, 2024 [March 6th, 2024]
- Levy Delves Into the Evolution of ADCs in NSCLC - OncLive - March 6th, 2024 [March 6th, 2024]
- The Snake Is The Spearhead of Reptile Evolution, But Why? - ScienceAlert - March 6th, 2024 [March 6th, 2024]
- 'A very special day: Birds linked to Darwins theory of evolution reintroduced to Galapagos Islands - Euronews - March 6th, 2024 [March 6th, 2024]
- Why the Powerhouses of Cells Evolve Differently in Plants - College of Natural Sciences - March 6th, 2024 [March 6th, 2024]
- Driving the DevOps Evolution: ArgoCD, Tekton and Seamless Migrations - DevOps.com - March 6th, 2024 [March 6th, 2024]
- Finding the Balance: The Evolution of Public Health Guidance Amidst Controversy - Medriva - March 6th, 2024 [March 6th, 2024]
- Insider Podcast: Paolini dishes on her Polish roots and hard-court evolution - WTA Tennis - March 6th, 2024 [March 6th, 2024]
- Interview: Sara Gruen and Rick Elice Talk About the Inspiration and Evolution of the New Musical Water for Elephants - TheaterMania.com - March 6th, 2024 [March 6th, 2024]
- The Evolution of the Laravel Welcome Page - Laravel News - March 6th, 2024 [March 6th, 2024]
- A Serpentine 'Explosion' 125 Million Years Ago Primed Snakes for Rapid, Diverse Evolution - Smithsonian Magazine - March 6th, 2024 [March 6th, 2024]
- The Evolution of Modern Technologies in Car Development - FinSMEs - March 6th, 2024 [March 6th, 2024]
- Milwaukee Transformed: From Bronzeville to Veterans Park, Aerial Timelapses Reveal City's Evolution - BNN Breaking - March 6th, 2024 [March 6th, 2024]
- The eyes are a gateway to evolution of daddy longlegs at least. - University of Wisconsin-Madison - March 6th, 2024 [March 6th, 2024]
- Adrian Newey: RB20 is the next step in Red Bull's design evolution - PlanetSport - March 6th, 2024 [March 6th, 2024]
- LiveScore releases its 'Evolution of Fan' report - Gambling Insider - March 6th, 2024 [March 6th, 2024]
- The loyalty program evolution makes its way to the full-service restaurant category - Nation's Restaurant News - March 6th, 2024 [March 6th, 2024]
- Teenage Mutant Ninja Turtles: The Last Ronin II - Re-Evolution #1 spoiler-free review: goes hard on the action, but ... - Gamesradar - March 6th, 2024 [March 6th, 2024]
- Exploring U.S. Financial Evolution: DAR Hosts Talk on Federal Reserve History in Thomasville - BNN Breaking - March 6th, 2024 [March 6th, 2024]
- Why cloud evolution needs a cohesive approach to succeed - CIO - March 6th, 2024 [March 6th, 2024]
- Gilead Sciences CEO on Company's Evolution and Commitment to the Bay Area - BioSpace - March 6th, 2024 [March 6th, 2024]
- Navigating the AI Quandary: Human Supremacy vs Machine Intelligence Evolution - BNN Breaking - March 6th, 2024 [March 6th, 2024]
- Denis Villeneuve breaks down the evolution of sandworms in 'Dune: Part Two' - Mashable - March 6th, 2024 [March 6th, 2024]
- Continued evolution of law improves governing capacity - Chinadaily.com.cn - China Daily - March 6th, 2024 [March 6th, 2024]
- The Evolution of the DEX Space with dYdX's CEO Antonio Juliano - Blockster - March 6th, 2024 [March 6th, 2024]
- Quick Commerce Evolution: 3PL Firms Aim for Same Day Delivery, Chasing Blinkit and Zepto's Lead - BNN Breaking - March 6th, 2024 [March 6th, 2024]
- What If...? Star Jeffrey Wright Addreses the Watcher's Evolution and 'Epic' Season 2 Finale - CBR - Comic Book Resources - December 31st, 2023 [December 31st, 2023]
- Evolution of the Connected Autonomous Vehicle - Ward's Auto - December 31st, 2023 [December 31st, 2023]
- A project to capture the evolution of human culture. - Psychology Today - December 31st, 2023 [December 31st, 2023]
- The Evolution of a Digital Soul. Beyond Code: A Journey of Heart and | by Mark Randall Havens | Dec, 2023 - Medium - December 31st, 2023 [December 31st, 2023]
- 4 Clues That Reid Is Finally Returning In Criminal Minds: Evolution Season 2 - Screen Rant - December 31st, 2023 [December 31st, 2023]
- Evolution of Samoyed and Kitten's Friendship Delights Internet: 'Wholesome' - Newsweek - December 31st, 2023 [December 31st, 2023]
- Crypto Evolution: Pullix (PLX) vs OKB (OKB) & KuCoin (KCS) - Crypto Reporter - December 31st, 2023 [December 31st, 2023]
- Alfa Romeos mediocre F1 season heralded its era of evolution: Prime Tire - The Athletic - December 31st, 2023 [December 31st, 2023]
- Beyond The Uniform: 10 Years of Evolution in SYNC Performance's Custom Program - SkiRacing.com - December 31st, 2023 [December 31st, 2023]
- Why SZA's evolution into a popstar has earned her recognition as artist of the year - Salon - December 31st, 2023 [December 31st, 2023]
- AI in 2023 Rises, Falls and Evolution - Finance Magnates - December 31st, 2023 [December 31st, 2023]
- Indonesia's Indosat pursues evolution from telecom to tech company - Nikkei Asia - December 31st, 2023 [December 31st, 2023]
- EdTech Evolution: 3 Stocks Educating the Next Generation - InvestorPlace - December 31st, 2023 [December 31st, 2023]
- Informa Tech Interview with Huawei about voice evolution and innovations at 5G Core Summit 2023 - Informa Tech ... - Light Reading - December 31st, 2023 [December 31st, 2023]
- Looking ahead: What will the DeFi evolution look like in 2024? - Ledger Insights - Ledger Insights - December 31st, 2023 [December 31st, 2023]
- Why Cat Bohannon wrote 'Eve, How the Female Body Drove 200 Million Years of Human Evolution' | India News ... - IndiaTimes - December 31st, 2023 [December 31st, 2023]
- The smart-design evolution of the laboratory space - pharmaphorum - December 31st, 2023 [December 31st, 2023]
- The WILD Evolution of Teenage Mutant Ninja Turtles TMNT (VIDEO) - FandomWire - December 31st, 2023 [December 31st, 2023]
- The supernatural invades American museums via indigenous artifacts - Why Evolution Is True - December 31st, 2023 [December 31st, 2023]
- Baleen Whales First Evolved Large Body Size in Cold Southern Waters, New Fossil Shows - Sci.News - December 31st, 2023 [December 31st, 2023]
- The Evolution of Identity in Taiwan The Diplomat - The Diplomat - December 31st, 2023 [December 31st, 2023]
- From the Archive: The Evolution Of Hockey Pools - The Hockey News - December 31st, 2023 [December 31st, 2023]
- 'X-Men: Evolution' Is Better Than 'X-Men: The Animated Series' - Collider - December 31st, 2023 [December 31st, 2023]
- Unveiling the Silver Screen: The Evolution of Celebrity Nudity in Cinema - The Hype Magazine - December 31st, 2023 [December 31st, 2023]
- Are Humans Still Evolving? 'Maybe More Rapidly Than Ever,' Says Scientist - Newsweek - December 31st, 2023 [December 31st, 2023]
- The Intersection of Real Estate and Fintech: Evolution, Impact of Policies, and Global Dynamics - CXOToday.com - December 31st, 2023 [December 31st, 2023]
- Kyle Richards' Style Evolution: Her Best Looks - Us Weekly - December 31st, 2023 [December 31st, 2023]
- Criminal Minds: Evolution Season 2's "Deeper Secrets" Teased By Aisha Tyler - Screen Rant - December 31st, 2023 [December 31st, 2023]
- Saturday: Hili dialogue Why Evolution Is True - Why Evolution Is True - December 31st, 2023 [December 31st, 2023]
- NBA 2K24 MyTEAM New Year Resolution Adds 14 Evolution Cards - ClutchPoints - December 31st, 2023 [December 31st, 2023]
- dive into the history of NASA's logo evolution from the space ... - Designboom - November 8th, 2023 [November 8th, 2023]
- Resolving the puzzle of same-sex sexual interactions - Nature.com - November 8th, 2023 [November 8th, 2023]
- The History and Evolution of Black Friday And How It Got Its Name - Yahoo Life - November 8th, 2023 [November 8th, 2023]
- Evolution of Terran R, with Tim Ellis (Relativity Space) - Payload - November 8th, 2023 [November 8th, 2023]
- Brownell Raves About Breakout Junior's Evolution - The Clemson Insider - November 8th, 2023 [November 8th, 2023]