Gold miner Evolution Mining Ltd sinks from 52-week high

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.

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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 Scott Phillips.

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