Business
Endeavour Mining Posts Record 2016 Results
George Town, March 7, 2017 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the fourth quarter and full
About this update from Endeavour Mining Plc
[{"type":"text","content":"George Town, March 7, 2017 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the fourth quarter and full year ended December 31, 2016, with highlights provided in the table below. Table 1: Key Operational and Financial Highlights QUARTER ENDED1,2 year ENDED1 Dec. 31, 2016 Sept 30,2016 Dec. 31, 2015 Dec. 31, 2016 Dec. 31,2015 Change Gold Production, oz 175, 411 146,425 136,844 583,712 516,646 +13% Realized Gold Price, $/oz 1,177 1,328 1,102 1,234 1,157 +7% AISC, $/oz 855 898 912 884 922 (16%) All-in Sustaining Margin, $/oz 322 430 167 351 235 +53% Cash Generated From Operating Activities, $m 72 23 39 154 144 +7% Cash Used (Generated) in Investing Activities, $m 79 57 (61) 180 7 n.a Free Cash Flow Before Growth Projects3, $m 42 41 13 142 92 +55% Net Debt At Period End, $m 26 14 144 26 144 (77%) Earnings From Mine Operations, $m 45 52 16 168 99 +70% Net Earnings (Loss), $/share (0.57) 0.16 0.08 (0.83) 0.42 n.a. Adjusted Earnings (Loss), $/share 0.44 0.25 (0.18) 1.15 0.47 +145% All financials exclude discontinued Youga operation, except for 2015 production and AISC/oz. Includes Karma's pre-commercial production which started in April 2016. Financial numbers for the pre-commercial production period ending September 30, 2016 don't include Karma's revenue, costs, and operating cash flow is netted against its capital costs. Free Cash Flow Growth Projects stated before WC, tax & financing costs, Houndé and Karma) Sébastien de Montessus, President & CEO, stated: \"We are proud to have met all of our guidance for the year, achieving record production of 584koz with a significant increase in Q4 compared to Q3, particularly at Agbaou and Tabakoto which increased by 16% and 30% respectively. We are pleased with the continued ramp up at Karma, which has increased production by 43% over the previous quarter to 29koz, while the reserve conversion at the North Kao deposit has extended its mine life beyond 10 years. This strong group performance has allowed us to lower our All-In Sustaining Costs below $900/oz for the first time, and we are on track to continue that momentum in 2017. We have also significantly deleveraged our balance sheet this year, providing strong liquidity and f...