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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.
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