Endeavour Mining announced strong performances across all of the company’s mines in Q4 beating its 2018 production guidance.
Full-year 2018 production from continuing operations increased by 52% over the prior year to 612 koz, beating the top end of the 555 – 590 koz guidance, while AISC from continuing operations decreased by circa $30/oz from prior year to circa $745/oz, well below the guidance range of $760 – 810/oz.
“Strong performance across all of our mines in Q4 capped a successful year for Endeavour during which we beat our production guidance and ended with AISC lower than the guided range while maintaining a strong safety record,” comments Sébastien de Montessus, Endeavour president and CEO.
The first full-year contribution from Houndé, coupled with the successful management of Endeavour’s portfolio, have sustainably decreased its all-in sustaining costs to below the company’s strategic target of $800/oz.
“2019 is expected to be another strong year as we look forward to the first gold pour at the Ity CIL plant in early Q2, where construction continues to progress ahead of schedule and on budget.
“Meanwhile, we will maintain an aggressive exploration program to build on the significant success achieved thus far,” continues de Montessus.
Over the past two years, Endeavour has diligently worked to transform its portfolio, investing nearly $1 billion into the business.
Once Ity CIL commences production, Endeavour can expect to enter a period of sustained strong free cash flow generation with a continued focus on return on capital employed.
In line with this approach, the company ha optimised its business plans with a greater emphasis on free cash flow metrics and intend to release working capital from the available low-grade stockpiles.
“2019 is a pivotal year as the efforts we have made thus far are expected to generate significant growth in 2020 and beyond – Ity CIL will benefit from a full-year’s production and Houndé from the newly discovered high-grade Kari Pump deposit,” he concludes.