Business
Endeavour Mining Posts Record Performance in Q4, Meets 2016 Guidance and Expects Further Production Growth and AISC Reduction in 2017
George Town, January 23, 2017 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its preliminary financial and operating results for the fourth q
About this update from Endeavour Mining Plc
[{"type":"text","content":"George Town, January 23, 2017 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its preliminary financial and operating results for the fourth quarter and full year 2016, with highlights provided in the table below. Table 1: Key Preliminary Operational and Financial Highlights (All 2016 amounts exclude discontinued Youga operation, while 2015 amounts include Youga.) Units Quarter ended, Year ended December 31, Dec. 30, 2016 Sept. 30, 2016 Dec. 30, 2015 2016 2015 Change Gold Production oz 175, 146 146,425 136,844 583,712 516,646 +13 % Realized Gold Price $/oz 1,205 1,328 1,102 1,240 1,157 +7 % AISC $/oz ~865 898 934 ~895 922 (3 %) All-in Sustaining Margin $/oz ~340 430 168 ~345 235 +47 % All-in Sustaining Margin $m ~65 55 24 ~190 122 +55 % Free Cash Flow (before growth projects, WC, tax and financing cost) $m ~50 41 12 ~135 85 +59 % Net Debt At Period End $m 25 14 144 25 144 (83 %) The preliminary Q4 2016 production and other financial information provided in this news release are approximate figures and may differ from the final results included in the 2016 annual audited statements and MD&A. Production shown inclusive of Karma's pre-commercial period. Karma's revenue, costs, and operating cash flow is netted against its capital costs for its pre-commercial production period ending September 30, 2016. Sébastien de Montessus, President & CEO, stated: \"I would like to acknowledge the hard work and dedication of our entire team for achieving our record performance in 2016 and improving all our key operating metrics as we met all of our guidance objectives for the year. As expected, our fourth quarter was our strongest with a record performance at Agbaou and Tabakoto, and the continued ramp-up at Karma. In 2017, we are well positioned to continue to increase production and lower all-in sustaining costs even further, notably without the inclusion of organic growth benefits provided by our Houndé project which is progressing on-time and on-budget. Looking ahead, we remain focused on unlocking our organic growth potential which will be enhanced by a potential positive investment decision at the Ity CIL project and through our reinvigorated exploration program.\" 2016 Guidance Achieved with Record High Production & Record Low...