Make Kitco Your Homepage

Endeavour Mining to increase production in 2020

Kitco News

(Kitco News) - African miner Endeavour Mining (TSX:EDV) released its full-year results today producing 6% more gold in 2019 at 651,000 ounces compared to the year prior.

Higher precious metal prices helped. Adjusted net earnings for FY-2019 were up 39% over FY-2018 to $74 million or 67 cents a share.

Operating cash flow for FY-2019 was up 20% over FY-2018 to $302 million or $2.75 a share.

Costs climbed in 2019. All-in-sustaining costs were $818 per ounce, up 10% from the year prior. The company said it faced a higher strip ratio, lower recovery rates, and higher unit mining costs.

In 2020 the company forecasts higher production and lower costs. Group production is expected to increase to 680-740koz in 2020 at an AISC of $845-895/oz.

At Endevour's Ity Mine production will be between 235,000 to 255,000 ounces in with a AISC of $630-675/oz.

UPDATED: Story updated to report group outlook.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News