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Endeavour Mining Q2 2015 AISC/oz of $898, Profit of $33M And $20M Debt Payment in July
VANCOUVER , July 30, 2015 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corp...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\nVANCOUVER, July 30, 2015 /CNW/ - Endeavour Mining Corporation (\"Endeavour\" or the \"Corporation\") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces Q2 2015 gold production of 131,165 ounces resulting in an all-in sustaining margin of $38.2 million. The AISC of $898/oz during Q2 2015 demonstrates the cost savings trend has continued (see Figure 1).  Endeavour's operations continue to perform well and the group is positioned to deliver at the upper-end of the 475,000 to 500,000 ounces gold production guidance and at the low-end of the $930 to $980 AISC/oz guidance.  For the six-month period, Endeavour has generated $59 million of free cash flow (before tax and financing) to deliver 59% of the $100 million full year target based on guidance range mid-points.\n\n(All amounts in US dollars unless otherwise indicated)\n\nQ2 2015 Financial and Operating Highlights\n\n\nGold production of 131,165 ounces and sales of 129,614 ounces at a realized gold price of $1,193 per ounce \nCash cost per ounce sold of $694 \nOperating EBITDA of $53.0 million \nAISC per ounce sold of $898 \nAISC margin of $38.2 million \nAt the Tabakoto Mine, the AISC per ounce was reduced to $990 and the mine generated a positive AISC margin of $7.7 million in the current quarter \nNon-sustaining capital investments of $3.8 million \nAfter-tax net earnings of $33.0 million \nEnded Q2 2015 in a strong financial position with $52.7 million in cash \nBased on the strong results in Q2 2015, a $20 million advance principal payment was made in July to further reduce the drawn amount on the revolving credit facility to $260 million\n\nNeil Woodyer, CEO, stated\n\n\"For 2015 we have five key objectives: 1) Produce 475,000 to 500,000 ounces; 2) Maintain AISC/oz in the mid-$900s; 3) To be profitable; 4) Use free cash flow to reduce debt; 5) Extend mine life through exploration success.\n\nDuring the second quarter of 2015 we continued to make strong progress on all five objectives.  For the six-months to June 30, 2015, we have produced 255,000 ounces at an AISC/oz of $922 and generated net income of $50.5 million.  \n\nWe have made a total of $40 million in advance payments so far this year to reduce the drawn balance on the facility to $260 million.  It remains our objective to continue reducing our outstanding debt from free cash flow during 2015.\n...