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Endeavour Mining achieves record gold output, all-time-low costs in 2016


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Endeavour Mining achieves record gold output, all-time-low costs in 2016

Endeavour Mining Corp. achieved record gold production of 583,712 ounces in 2016, meeting its upgraded 2016 guidance range of 575,000 ounces to 610,000 ounces of gold and beating its 2015 output of 516,646 ounces by 13%.

The company on Jan. 23 said it also set a record low for all-in sustaining costs for the year at about US$895 per ounce of gold, 3% lower year over year.

According to Endeavour Mining, its 2016 operating performance comes on the back of another record year at its Agbaou gold mine in Ivory Coast, with strong contributions from its Ity mine in the same country, its Karma mine in Burkina Faso and its Tabakoto mine in Mali.

The company produced a record 175,146 ounces of gold in the fourth quarter, with all-in sustaining costs of about US$865 per ounce.

Endeavour Mining also noted that its 2016 free cash flow jumped 60% year over year to approximately US$135 million, while net debt fell 83% to US$25 million from US$144 million at the end of 2015.

In 2017, the company expects to produce 600,000 ounces to 640,000 ounces of gold, with all-in sustaining costs in the range of US$860 to US$905 per ounce.

Exploration will continue to be an increased focus for the company this year, with approximately US$40 million earmarked for 285,000 meters of drilling. The company also allotted US$65 million for sustaining capital, US$35 million for nonsustaining capital and US$225 million for growth projects including the construction of its Houndé property in Burkina Faso.