Why the Evolution Mining Ltd share price is rising today

Evolution Mining Ltd (ASX: EVN) is up 0.3% today to $2.80 as the gold miner defies widespread share price slumps on the S&P/ASX 200, particularly in the resources and energy sector. 

Australian stocks have been flattened by a Dow Jones drop of more than 1,000 points, but Evolution remains in the black, climbing steadily from a January 10 low of $2.40. 

Evolution booked strong gold production figures; cash flow for operating mines in excess of $200 million, record-low sustaining costs, and an expectation to comfortably deliver on FY18 guidance in its quarterly report issued on January 30. 

Peers in the gold mining arena: Newcrest Mining Limited (ASX: NCM), Northern Star Resources Ltd (ASX: NST) and Doray Minerals Limited (ASX: DRM) have not fared as well as Evolution this week, with share price slips at the time of writing at 0.2%, 0.2% and 4.1% respectively. 

But copper cousin Oz Minerals Limited (ASX: OZL) is also defying the odds, rising 1% to above $9 today after a fairly volatile 12 months of share price movements. 

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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