Shares in Evolution Mining slumped as gold producers continue to lose their lustre with investors despite the precious metal’s reputation as both a safe haven and inflation hedge.
The dip in production came after planned maintenance shutdowns at its Cowal, Ernest Henry and Red Lake mines, and heavy rain which hit output at the Mt Rawdon mine in Queensland to the tune of 6500 ounces. Mr Klein said Evolution was preparing for the potential impact of the La Nina weather phenomenon and associated heavy rain over summer at the Cowal mine.
Shares in Newcrest and Northern Star have lost ground this week while St Barbara continued its slide.
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