TORONTO (miningweekly.com) – West Africa-focused gold producer Endeavour Mining on Wednesday said it had widened its full-year 2013 net loss to $332.5-million, or $0.81 a share, compared with a net loss of $15.5-million, or $0.06 a share, in 2012, as it booked a $506.9-million before-tax noncash impairment charge related to goodwill, property, plant and equipment writedowns.

The adjusted net loss was $27.7-million, or $0.07 a share.

Vancouver-based Endeavour, which owns four gold mines in Mali, Ghana, Burkina Faso and Côte d'Ivoire, said that the impairment of the carrying value of its mineral interests were the result of the sharp decline in the gold price to a low of about $1 180 /oz in late June and December, and the decline in Endeavour’s share price along with many precious metal companies’ share prices.

The pre-tax noncash $506.9-million impairment charge comprised $53.3-million of goodwill, $368.3-million of mining properties, $85.3-million of plant and equipment and a deferred income tax recovery of $142.7-million.

During the year, gold sales increased to 318 505 oz, compared with the 218 887 oz for the full-year 2012.

Revenue rose by $78-million to $443.3-million, up from $365.3-million in 2012. The increase was a result of higher gold sales volumes for the year, boosted by output from Tabakoto, in Mali. Endeavour realised an average gold price before royalties of $1 392/oz, compared with $1 669/oz in 2012.

Endeavour produced a record 324 275 oz in the year ended December. The record came on the back of precommercial gold production at the Agbaou mine, in Côte d'Ivoire, during November and December.

Total cash costs (excluding royalties) for the full year 2013 were $886/oz produced, compared with $767/oz for 2012. The full-year 2013 included Tabakoto; however, for the comparative 2012 year only, the period October 18, 2012 to December 31, 2012, was included.

All-in sustaining costs per gold ounce sold were $1 099 compared with Endeavour’s guidance of $1 055/oz to $1 155/oz for the full year.

Endeavour said that it continued to review each operation’s long-term plans with the goal of targeting significant and sustainable cost savings. To date, the review had successfully resulted in the conversion to owner-mining for the openpit at the Tabakoto gold mine. Endeavour was also converting from contractor-mining to owner-mining at the Tabakoto underground operations and would carry out owner-mining production at the Segala underground mine.

Cash and cash equivalents as at the end of the year totalled $73.3-million.

On the TSX, Endeavour’s stock had a rough year, shedding 39.74% of its value. However, since the start of the year, the stock had regained 77.36%, despite closing down 3.19% on Wednesday at C$0.91 apiece.