Shares in gold and silver mining company Evolution Mining Ltd (ASX: EVN) have sunk 1.2% to $2.86 at the time of writing after finishing last week just 3 cents from a 52-week high of $2.93.
Evolution Mining reported a half-year profit slide of 10% on February 15 to $122.5 million, due to tax expenses, but shareholders were still granted a higher dividend – up 1.5c per share to 3.5c per share fully-franked.
Evolution owns and operates five gold and silver mines in Queensland and Western Australia, and share prices have tracked up steadily in the last 12 months, up 40% from $2.03 at this time last year.
Despite tax expenses hurting its first-half profit, Evolution booked a 10% increase in revenue to $782.2 million and announced plans to restructure its Tennant Creek Mineral Field joint venture with Emmerson Resources Limited (ASX: ERM) to reflect the "differing size and corporate objectives" of the two companies.
The restructure will see Evolution take 100% ownership of the area that contains copper-gold prospects, while sub-dividing ground holdings so Emmerson can keep hold of gold-dominant projects.
