Jaguar Mining delivers strong financial and operational results in 2020, declares dividend
The company noted that increased profitability in 2020 reflects higher operating production quarter-over-quarter, and also an increase in the average realized gold price of $1,745/oz in FY 2020 compared to $1,316/oz for FY 2019.
Jaguar Mining’s consolidated gold production increased 23% with 91,118 ounces produced in 2020 compared to 74,084 ounces produced in 2019.
AISC decreased 23% to $1,044 per ounce of gold sold in 2020, compared to $1,349 during 2019. Operating cash flow was $78.7 million; adjusted EBITDA was $87.8 million. Net income was $72.3 million, or net income per share of $1.00.
Free cash flow was $49.2 million for 2020 based on operating cash flow, less sustaining capital, compared to negative $7.4 million in 2019. Cash used in financing activities was $7.5 million including dividend payment, share buy back and repayment of debt.
The company also announced that its board has declared a cash dividend of C$0.08 per common share of the company, to be paid on March 30, 2021 to shareholders of record as of the close of business on March 22, 2021. This is the same amount as paid in the previous two quarters.
Jaguar Mining is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a large land package with significant upside exploration potential from mineral claims. The company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina gold mine complex and Caeté mining complex.