Endeavour Mining (TSX:EDV) produced 651,000 ounces in 2019 at an all-in-sustaining cost (AISC) of $813/oz.
The company said it achieved guidance for its seventh year.
In 2020 the company said it will produce 680,000 to 740,000 at an AISC ranging from $845 to $895/oz.
The company said it reduced debt and plans to spend $40-$45 million on exploration program this year.
President and CEO Sébastien de Montessus said he expects some of Endeavour's new operations to produce half a million ounces annually.
"2019 was a pivotal year for the company with the successful ramp-up of our Ity CIL project. Following four years of significant investment and the development of both Ity and Houndé, we are starting to see the strong cash flow generation capability of our operating assets," said de Montessus.
"Our portfolio is now underpinned by two flagship assets, giving the business greater flexibility in mine planning and generating predictable and sustainable cash flows. Our goal is to optimize the mine plans for Ity and Houndé to secure a combined annual production of at least half a million ounces for a minimum of 10 years, while continuing to proactively manage and optimize our broader portfolio of assets."
Endeavour Mining tried to acquire Egyptian miner Centamin in a $2.5 billion deal but abandoned its quest earlier this month.
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January 24, 2020 at 07:46AM
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