Business
Endeavour significantly increases Free Cash Flow on record production and lower AISC
GEORGE TOWN, Grand Cayman, March 3, 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, March 3, 2016 (GLOBE NEWSWIRE) -- Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the fourth quarter and full year 2015, with highlights provided in the table below. Table 1 : Key Operational and Financial Highlights All amuonts in US$ Three months ended December 31, Year ended December 31, 2015 2014 Var 2015 2014 Var Gold Production, oz 136,844 119,729 14% 516,646 465,770 +11% Realized Gold Price, $/oz 1,102 1,198 (8%) 1,157 1,264 (8%) AISC , $/oz 934 995 (6%) 922 1,010 (9%) All-in Sustaining Margin, $/oz 168 203 (17%) 235 254 (7%) All-in Sustaining Margin, $m 24 25 (7%) 122 117 +4% Free Cash Flow, $m (before WC, tax & financing costs) 12 (4) n.a 85 35 +143% Free Cash Flow, $m 25 7 257% 34 (11) n.a Net Debt At Period End, $m 144 254 (43%) 144 254 (43%) Adjusted Net Earnings, $m (attributable to shareholders) (6) (2) (200%) 42 14 +200% Adjusted Earnings Per Share, $/share (0.12) (0.06) (100%) 0.99 0.34 +191% Neil Woodyer, CEO of Endeavour, stated: \"The strong 2015 financial results are the culmination of several years of asset development and optimization. We are now ideally positioned as the major pure West-African multi-operation gold mining company, with a demonstrated capacity to generate significant cash flows even at lower gold prices, as witnessed last year. In addition, our strengthened balance sheet and significant liquidity sources give us the needed financial flexibility to continue our growth strategy.\" Production increased by 11% to 516,646 ounces Endeavour produced a total of 516,646 ounces of gold in 2015, inclusive of Ity's post-acquisition production of 5,689 ounces. Excluding the Ity mine, Endeavour's production amounted to 510,957 ounces, exceeding the 2015 production guidance of 475,000 to 500,000 ounces, as the strong performance from Agbaou and Tabakoto more than offset the slight declines at Nzema and Youga. Table 2 : Gold Production by mine, oz (on a 100% basis) 2015 Guidance 2015 Actual 2014 Actual Var Agbaou 150,000 - 155,000 181,365 146,757 +24% Tabakoto 155,000 - 165,000 151,067 127,323 +19% Nzema 110,000 - 115,000 110,302 115,129 (4%) Youga 60,000...