Full Year 2019 Audited Results15 Apr 2020 08:55
· Total gold and gold equivalent production in 2019 was 300,704 oz, an increase of 12% from 269,500 oz produced in 2018 and slightly above the guidance range of 290,000-300,000 oz
· EBITDA improved by 34% to US$205.1 million, with an EBITDA margin of 52% (2018: 49%)
· Total cash costs (TCC) were 10% higher at US$556 per oz, mainly due to the acquisition of Valunisty and its higher-cost production (??? US$786 per oz), but were still well below the industry average
· All-in sustaining costs (AISC) rose by 16% to US$791 per oz due to the impairment of poor ore at Belaya Gora and Valunisty, increased supporting capex at MNV, Belaya Gora and Novo, and higher TCC
· Cash generation remained strong with net cash flow from operations rising 2% to US$138.4 million
· Two interim dividends of £0.05 per share each paid in respect of 2019 for a total payout to date of US$ 46 million