TSX-listed Endeavour Mining achieved a 52% increase in production to 612 000 oz of gold for 2018, beating the top end of its guidance of 555 000 oz to 590 000 oz.
The company also reduced its all-in sustaining cost (AISC) by about $30/oz to $745/oz, which is below the guidance range of $760/oz to $810/oz.
Endeavour has increased its 2019 production guidance to between 615 000 oz and 695 000 oz, with AISC again anticipated between $760/oz and $810/oz.
Endeavour stated that exploration would continue to be a strong focus in 2019, with a company-wide exploration budget of about $45-million.
Meanwhile, the company’s Ity carbon-in-leach (CIL) plant was progressing on budget and ahead of schedule, with the dry plant commissioning completed and the first gold pour expected early in the second quarter.
“Over the past two years, we have diligently worked to transform our portfolio, investing nearly $1-billion into the business. Once the Ity CIL starts production, we expect to enter a period of sustained strong free cash flow generation with a continued focus on return on capital employed.
“In line with this approach, we have optimised our business plans with a greater emphasis on free cash flow metrics and intend to release working capital from the available low-grade stockpiles,” said president and CEO Sébastien de Montessus.
He added that this year would be a pivotal year as the efforts the company has made thus far are expected to generate significant growth in 2020 and beyond. The Ity CIL will benefit from a full-year's production and the company’s Houndé mine from the newly discovered high-grade Kari Pump deposit.
Endeavour operates four mines – Agbaou and Ity, in Côte d'Ivoire and Houndé and Karma, in Burkina Faso.