Business
Endeavour Mining Reports Strong Gold Production in Q3 2014 at AISC of $991/oz
VANCOUVER , Nov. 3, 2014 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corpor...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\nVANCOUVER, Nov. 3, 2014 /CNW/ - Endeavour Mining Corporation (\"Endeavour\" or the \"Corporation\") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces gold production of 117,612 ounces resulting in an all-in sustaining margin of $32.1 million in Q3 2014. The AISC of $991/oz during Q3 2014 is significantly improved from $1,118/oz in Q3 2013. Endeavour continues to benefit from strong performance at Agbaou and is completing a significant optimization and investment phase at Tabakoto.\n\n(All amounts in US dollars unless otherwise indicated)\n\nQ3 2014 Financial and Operating Highlights\n\n\nGold production of 117,612 ounces \nGold sold of 114,082 ounces at realized gold price of $1,273 per ounce \nCash cost per ounce sold of $814 \nAdjusted EBITDA of $37.6 million \nAll-in sustaining cost (\"AISC\") per ounce sold of $991 \nAchieved stated goal of group-level AISC per ounce below $1,000 \nAISC margin of $32.1 million \nAgbaou continues to perform strongly and has now exceeded the original guidance of 85,000 to 95,000 ounces for the year. Plant throughput of 2.2 Mtpa of softer oxide ore is 37% higher than the original design of 1.6 Mtpa \nInvestments in Tabakoto's optimization and development of lower cost sources of ore are nearing completion and set to generate improved operating margins in Q4 2014 and beyond:\n\nRamp up of the new Segala underground mine is progressing well and achieved the 1,500 tonnes per day milestone in September \nGood progress was made on the road construction towards the Kofi C deposit with pre-stripping to begin in December and production in January 2015\nEndeavour ended the quarter in a strong financial position with $55.4 million in cash \n \n\n9 Months Ended September 30, 2014 Financial and Operating Highlights\n\n\nRecord gold production of 346,041 ounces \nGold sold of 344,533 ounces at realized gold price of $1,288 per ounce \nCash cost per ounce sold of $848 \nAdjusted EBITDA of $112.9 million \nAISC per ounce sold of $1,023 \nAISC margin of $89.7 million\nNeil Woodyer, CEO, stated\n\n\"During 2013, our AISC was $1,146 per ounce.  In July 2013, we set an AISC target of less than $1,000 per ounce as we implemented a targeted optimization and investment program to achieve this result.  With an AISC of $991 per ounce this quarter, we are extremely pleased to have achieved our target. Look...