Business
Endeavour Mining reports record gold production in Q2 2014 at an AISC of $1,021/oz
VANCOUVER , Aug. 11, 2014 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\nVANCOUVER, Aug. 11, 2014 /CNW/ - Endeavour Mining Corporation (\"Endeavour\" or the \"Corporation\") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces record gold production of 122,517 ounces resulting in revenue of $153.4 million that generated an all-in sustaining margin of $32.3 million in Q2 2014. Endeavour is benefiting from low cost production from Agbaou, the transition to owner mining at Tabakoto, and the impact of ongoing optimization programs. The AISC of $1,021/oz during Q2 2014 has decreased significantly from $1,115/oz in Q2 2013 and also improved compared to $1,059/oz in Q1 2014.\n\n(All amounts in US dollars unless otherwise indicated)\n\nQ2 2014 Financial and Operating Highlights\n\n\nRecord gold production of 122,517 ounces  \nGold sold was 118,653 ounces at a cash cost per ounce of $854 \nEBITDA of $40.2 million \nAll-in sustaining cost (\"AISC\") per ounce sold of $1,021 \nAISC margin of $32.3 million \nEndeavour's Tabakoto underground mining team successfully advanced development of the Segala mine, a second underground mine that began feeding the Tabakoto mill in late June, as scheduled \nEndeavour ended the quarter in a strong financial position with $57.1 million in cash \nH1 2014 Financial and Operating Highlights\n\n\nRecord gold production of 228,429 ounces \nGold sold was 224,319 ounces at a cash cost per ounce of $866 \nEBITDA of $76.3 million \nAISC per ounce sold of $1,039 \nAISC margin of $57.5 million \nNeil Woodyer, CEO, stated\n\nWith gold production for the first half of 2014 of 228,000 ounces we now expect to achieve the top end of the guidance range of 400,000 to 440,000 ounces for the full year.  We have also been focused on managing our costs and are pleased with the continued improvements in Q2 as compared to Q1 and as compared to last year.  Our six-month AISC per ounce of $1,039 is within our full-year guidance range of $985 to $1,070.\n\nDuring Q2, we converted the Tabakoto mine to owner mining.  We are very pleased that our underground mining team advanced the development of the new Segala mine and started delivering ore to the Tabakoto mill in late June, as planned.  This was a challenge for our operators as not all of the owner-mining fleet was on site during the quarter.  Our successful transition was in large part due to our ability to retain over 3...