Business
Endeavour Reports Second Quarter 2016 Results; On-Track to Meet Full-Year Guidance
GEORGE TOWN, Grand Cayman, July 28, 2016 (GLOBE NEWSWIRE) -- Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results
About this update from Endeavour Mining Plc
[{"type":"text","content":"GEORGE TOWN, Grand Cayman, July 28, 2016 (GLOBE NEWSWIRE) -- Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the quarter ended June 30, 2016, with highlights provided in the table below. Table 1: Key Operational and Financial Highlights (in US$) Quarter ended, Six months ended, Q2-2016 Q1-2016 Q2-2015 June 30, 2016 June 30, 2015 Variance Gold Production, oz* 138,487 123,388 112,924 261,875 218,800 +20% Realized Gold Price, $/oz 1,257 1,192 1,193 1,225 1,206 +2% AISC, $/oz 901 889 902 896 931 (5%) All-in Sustaining Margin, $/oz 356 303 291 330 275 +20% All-in Sustaining Margin, $m 45 37 32 82 59 +39% Free Cash Flow, $m (befORE WC, tax & financing costs, Houndé and Karma) 29 30 29 59 47 +26% Net Debt At Period End, $m** (21) 136 242 (21) 242 n.a. NB: All amounts exclude discontinued Youga operation. *Includes Karma's pre-commercial production. Karma's revenue, costs, and operating cash flow is netted against its capital costs for its pre-commercial production period. **End of June 2016 amount presented is pro-forma inclusive of Bought Deal financing which closed on July 11, 2016. Before Bought Deal proceeds, the net debt amounted to $82 million. Sébastien de Montessus, President & CEO, stated: \"Our results for the first half of the year demonstrate the benefits of a diverse portfolio of mines, where impressive out-performance at the Agbaou and Ity mines compensated for lower production at Nzema and Tabakoto. We expect Nzema and Tabakoto performance to improve in H2, as we continue to deliver against our group-level objectives, remaining on-track to meet all our guidance metrics for 2016. Following the La Mancha transaction in November, we have steadily deleveraged our balance sheet and are now in a strong position to execute our growth strategy with nearly $440 million in liquidity and financing sources to fund our developments. Moving forward, we will continue to build on our track record of being efficient operators and project builders in West Africa. In addition, we will also focus on increasing investment in exploration across our portfolio to extend mine life and unlock further value for shareholders, while implementing a new management culture that is focused on operational excel...