Alacer ends 2019 with strong free cash flow, solid production
TSX- and ASX-listed Alacer Gold had an “exceptional” year in 2019, resulting in the generation of more than $215-million of unlevered free cash flow, against a net debt of $47-million.
With the company’s operating foundation set as an intermediate producer, its focus this year is to prioritise free cash flow generation, while prudently investing in growth from the Çöpler district.
“We will publish a refreshed Çöpler technical report later this year that will provide an update of our current operations including optimization opportunities, as well as capture, as far as possible, the Çöpler district growth potential.
“We believe we have an asset base capable of sustaining production of 300 000 oz/y to 400 000 oz/y and delivering incremental asset value to our shareholders,” explained CEO Rod Antal on Tuesday.
Last year, the Çöpler gold mine, in Turkey, produced 391 213 oz of gold, with 233 567 oz produced from the company’s sulphide plant and the balance produced from its oxide plant.
The company continues to actively explore a number of prospective exploration targets near the Çöpler mine and across Turkey.
The full-year attributable earnings for Alacer were $116-million, or $0.39 apiece.
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