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Teranga Gold Corp. (TSX:TGZ,ASX:TGZ) announced its financial results for Q4 2014, as well as 2014 as a whole, noting that it achieved record free cash flow of $39.1 million for 2014.
Teranga Gold Corp. (TSX:TGZ,ASX:TGZ) announced its financial results for Q4 2014, as well as 2014 as a whole, noting that it achieved record free cash flow of $39.1 million for 2014.
Other highlights include:
- Consolidated profit attributable to shareholders increased to $27.7 million ($0.08 per share) for the fourth quarter, while full year profit attributable to shareholders totaled $17.8 million ($0.05 per share)
- The Company is now debt free having retired the outstanding balance of its loan facility on December 31, 2014 and fully repaid the outstanding balance of its finance facility subsequent to year-end
- Construction began on the high-grade Gora satellite deposit on February 14th – production expected in the fourth quarter
- The Company expects to generate positive free cash flow in 2015 based on 2015 production in the range of 200,000 to 230,000 ounces(2) at total cash costs of $650 to $700 per ounce and all-in sustaining costs (including all new project development costs) of $900 to $975 per ounce
Richard Young, president and CEO of Teranga, commented:
During 2014 we made significant progress in executing against our key objectives, namely to maximize free cash flow and profitability, to strengthen our balance sheet and to grow organically. With the significant improvement in our costs and efficiencies, we generated free cash flow of $189 per ounce, which is in line with the top senior gold companies.
Click here to read the full Teranga Gold Corp. (TSX:TGZ,ASX:TGZ) press release.