ENDV Generates RECORD PROFITS VANCOUVER, Feb. 26, 2015 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces 2014 gold production of 465,770 ounces resulting in an all-in sustaining margin of $117.1 million. The AISC of $995/oz during Q4 was our second consecutive quarter below our goal of $1,000/oz. Endeavour previously released its 2014 operating results, 2015 guidance, updated year-end mineral resources and reserves and Houndé project updates. Overall, Endeavour's operations performed well by delivering above guidance production, below mid-point for AISC cost guidance, and with exploration programs that successfully extended mine life and increased mineral reserves to 4.5 million ounces (see news releases dated January 15, 2015 and February 19, 2015).
(All amounts in US dollars unless otherwise indicated)
Full Year 2014 Financial and Operating Highlights
- Gold production of 465,770 ounces and sales of 467,887 ounces at a realized gold price of $1,264 per ounce
- Cash cost per ounce sold of $826, compared to $890 in 2013
- Adjusted EBITDA of $142.8 million, compared to $68.9 million in 2013
- AISC per ounce sold of $1,010, compared to $1,137 in 2013
- Sustained stated goal of group-level AISC per ounce below $1,000 for two consecutive quarters (Q3+Q4)
- AISC margin of $117.1 million, compared to $81.2 million in 2013
- Operating activities generated $127.4 million of positive cash flow, which compares to $43.8 million in 2013
- Cash expenditures and prepayments on mining activities decreased to $117.1 million from $213.6 million in 2013. For 2015, Endeavour's non-sustaining capital spending is expected to be only $20 million as the major capital programs of 2013 and 2014 are now complete
- A non-cash impairment charge to mineral properties and related assets of $278.8 million, which is mostly related to Tabakoto ($245.9 million) and driven by the unfavourable income tax climate in Mali, reduced assumptions regarding mine life (revised from 10 years to 7 years) for the purpose of the valuation model, and downward revision in the assumed gold price
- Endeavour ended 2014 in a strong financial position with $62.2 million in cash
Neil Woodyer, CEO, stated
"2014 was a very successful year for Endeavour. We delivered on production growth, lowered AISC costs, and extended mine life through targeted exploration. We also advanced the Houndé project through permitting, and with exploration increased the mineral reserves to 2.1 million ounces to confirm the project as a core asset in our growth profile.
For 2015 we have five key objectives: 1) Produce 475,000 to 500,000 ounces, 2) Maintain AISC/oz below $1,000 (guidance range is $930 to $980/oz), 3) To be profitable, 4) Use a portion of free cash flow to reduce debt, 5) To extend mine life through exploration success."
Read more at https://www.stockhouse.com/news/press-releases/2015/02/26/endeavour-mining-generates-record-operating-cash-flow-in-2014#lO8LyzoCWSW4QiB4.99