Photo by: Bloomberg
PERTH (miningweekly.com) – Dual-listed gold miner Endeavour on Friday announced that gold production in 2014 had exceeded expectations, as the Tabakoto and Nzema mines exceeded their production levels, and the Agbaou mine came into production.
During the year to December, Endeavour produced 465 770 oz of gold, which was above the guidance of between 400 000 oz and 440 000 oz.
The Agbaou mine, in Cote d’Ivoire, delivered 146 757 oz, the Nzema mine, in Ghana, produced 115 129 oz, the Tabakoto mine, in Mali, delivered 127 323 oz, and the Youga mine, in Burkina Faso, produced 76 561 oz.
“We are very pleased to report our above-guidance production performance for the group, which was achieved with an excellent health and safety record for the year,” said Endeavour CEO Neil Woodyer.
“Cash cost and all-in sustaining costs (AISC) per ounce will be reported in the 2014 financial results to be released in early March; however, it is expected that the group AISC for the fourth quarter would be similar to the $991/oz achieved in the third quarter,” Woodyer sad.
He noted that as a result, AISC for 2014 were estimated to be below the mid-point of the $985/oz to $1 070/oz guidance range.
Woodyer said that the company’s focus on cost reduction during the year had resulted in the improvement of AISC, and for 2015, the company was expecting to continue the cost improvements with an AISC guidance of between $930/oz and $980/oz, while gold production was forecast to be between 475 000 oz and 500 000 oz.
“We have a stable production outlook for the Agbaou and Nzema mines, and some production growth and operational efficiencies expected from the Tabakoto mine. As of January, we have three higher-grade sources of ore for the Tabakoto mill, allowing it to operate at its optimal capacity; we have now commenced mining from the Kofi C openpit, the Segala underground mine now has six stopes available, and the Tabakoto underground mine performance continues to improve.”
Meanwhile, Endeavour told shareholders on Friday that the company would spend about $20-million in capital during 2015, mostly related to the completion of the 2014 projects to improve the operating mines.