The Evolution Mining Ltd (ASX: EVN) share price climbed 6.64% on Monday to finish the day at $2.73 on the back of gold hitting a four-month high last Friday.
As there is an inverse relationship between the gold price and the US dollar, the gold price was able to hit a four-month high because the US dollar was trading at close to three-year lows last Friday.
Evolution Mining is a mid-tier gold miner that extracts and processes gold from its six wholly-owned Australian mines.
These six Australian mines are composed of one mine in NSW, three mines in Queensland and two mines in Western Australia. Also, Evolution Mining holds an economic interest in the Ernest Henry mine in Queensland.
Evolution Mining made a net profit of $217 million in FY17 on the back of revenue increasing by 11% to $1,479 million.
All In Sustaining Costs (AISC) per ounce decreased by 11% to finish at A$907, which meant that Evolution Mining has been able to reduce its AISC for six consecutive years.
Also, Evolution Mining's AISC is considerably lower than other gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST).
This downward trend in AISC is expected to continue in FY2018 as Evolution Mining becomes one of the world's lowest cost gold producers. Moreover, total gold production in FY17 increased by 5% to 844,124 gold ounces.
