The S&P/ASX200 closed slightly up today (19 August), gaining 9.30 points to 7,980.40, clawing back from an early afternoon drop to end Monday 0.12% higher.
Emerald Resources (ASX:EMR) and Evolution Mining (ASX:EVN) were two of the top performing stocks in this index, closing up 4.438% and 2.804% respectively.
Emerald Resources earlier this month signed an agreement with privately held contractor MACA Mining to continue partnering on all current and future mine developments, as reported by Mining.com.au.
The two companies have worked alongside each other for more than 20 years, covering a range of mining services including load and haul, drill and blast, underground mining, as well as crusher feed tailings dam construction.
Under the agreement, MACA has a right of refusal for all new Emerald mine developments for a five year period. MACA will also comply with Emerald’s working procedures, operating, and safety management systems. The schedule of rates are to be negotiated on an open book basis.
Evolution on 14 August released its guidance which shows high margin, high cash flow generation is expected to continue in FY25, with guidance of 710,000 to 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper, at an all-in sustaining cost (AISC) of $1,475 to $1,575 per ounce (US$996 to US$1,063).
Cash flow for FY25 will be generated from the combination of the quality portfolio, sector leading cost position, exposure to copper, disciplined capital allocation, and the outlook for commodity prices, with the gold spot price $560 per ounce above the FY24 achieved price, according to the company.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Write to Adam Orlando at Mining.com.au
Images: iStock & Emerald
