SEMAFO Inc. Announces Production Results at its Mana Mine in Burkina Faso for the Fourth Quarter and Year Ended December 31, 2013; Provides CapEx Guidance for 2013; Provides Production Guidance for the Full Year of 2014
For full year, total gold production was 207,800 oz. Production at Mana totaled 158,600 ounces of gold for the year ended December 31, 2013. In 2013, gold sales at Mana totaled 161,400 ounces and resulted in annual revenues of $226.6 million. The corporation had approximately $83 million in cash and cash equivalents and was debt-free at year-end 2013.
The company estimated total capital expenditures for 2013 are in line with guidance of $83 million.
For the year 2014, the company expects Production of between 200,000 and 225,000 ounces of gold, a 34% increase over the 2013 gold production; Total cash cost of between $695 and $745 per ounce, a 9% decrease relative to an estimated $790 per ounce in 2013; All-in sustaining cost of between $840 and $890 per ounce; Growth capital expenditures of $17.9 million, which includes development costs for Siou and Fofina; Initial exploration budget of $18 million; processing of ore at Siou to commence in the first quarter of 2014; Milling of Fofina ore anticipated in the third quarter of 2014; Continued focus on optimizing and improving efficiencies throughout the corporation.