Mar 13, 2018
ENDEAVOUR REPORTS STRONG FY-2017 RESULTS
Q4 AND FY-2017 HIGHLIGHTS
- Houndé's successful commissioning lifted group production by 38% compared with Q3-2017 to 204koz and decreased group AISC by 13% to $785/oz
- Full year production up 12% year-over-year to 663koz; AISC down $17/oz to $869/oz, in line with FY 2017 guidance
- All-in Margin increased by 85% in Q4 over Q3, totalling $162m for the year, in line with FY 2017 guidance
- Operating Cash Flow before non-cash working capital increased by $58m in Q4 over Q3 due to Houndé start-up, totalling $235m for 2017, representing a 24% YoY increase
- Net Debt of $232m at year end, up slightly from $221m at the end of Q3, as growth project spend was offset by increased operating cash flow and $30m in net equity proceeds
- Well positioned to finance growth projects with $323m in available sources of financing and liquidity at year-end, which increased to $503m following the convertible bond issuance which closed in February
- Adjusted Net Earnings, mainly adjusted for an impairment charge on Tabakoto and a loss on the sale of Nzema, amounted to $66m for the full year, or $0.67/share
- Group P&P reserves up 2.0Moz year-over-year to 9.1Moz while M&I resources up 2.3Moz to 14.9Moz
2018 OUTLOOK
- Production expected to increase to 670 - 720koz and AISC to decline to $840 - 890/oz
- Continued strong focus on internal growth:
- Ity CIL construction progressing on-budget and on-time; first gold pour expected in mid-2019
- Kalana intensive exploration program expected to yield resource update by mid-year with updated feasibility study by year-end
- Significant exploration investment of $40 - 45m, of which 40% is dedicated to greenfield opportunities
[...]
saludos