SEMAFO Says 2014 Production Increased by 48 Percent While Cash Costs Dropped

SEMAFO Inc. (TSX:SMF) has released its 2014 operational results highlighting a 48 percent year-over-year increase in production with a 16 percent decrease in total cash cost. The company reported 234,000 ounces at a total cash cost of $650 per ounce at its Mana Mine. The annual production beat the year’s initial guidance by 10 percent. SEMAFO looks to increase production by 11 percent in the next year.

According to the press release, highlights include:

• In the fourth quarter, 61,800 ounces of gold were produced at a total cash cost(1) of approximately $600 per ounce
• Annual production of 234,300 ounces, beating 2014 initial guidance by 10%
• Total cash cost(1) for 2014 came in at an estimated $650 per ounce, well below 2014 guidance of between $695 and $745 per ounce
• All-in sustaining cost(2) of approximately $806 per ounce, beating our guidance
• Cash and cash equivalents of about $128 million as of December 31, 2014
• Gold sales totalling 230,200 ounces, resulting in annual revenues of $289 million
• The Corporation’s 2015 guidance outlines continued gold production growth coupled with a further decline in costs.

Click here to read the SEMAFO Inc. (TSX:SMF) press release