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SEMAFO: Cash Flow from Operating Activities before Changes in non-Cash Working Capital of $50 Million

Bantou Continues to Deliver Strong Exploration Results

MONTREAL , Nov. 4, 2019 /CNW Telbec/ - SEMAFO Inc. (SMF.TO) (SMF.ST) is pleased to announce results of operations, development and exploration activities for the three-month period ended September 30, 2019 . All amounts are in US dollars unless otherwise stated.

Figure 1 – Location of the Bantou Mineralization (CNW Group/SEMAFO)

 

Highlights

  • Consolidated gold production of 68,800 ounces with Boungou contributing 55,600 ounces at $497 all-in sustaining cost1
  • Cash flow from operating activities before changes in non-cash working capital1 of $49.5 million or $0.15 per share1
  • Net income attributable to shareholders of $8.9 million or $0.03 per share (after deferred income tax expenses of $11.3 million )
  • Mana third quarter negatively affected by Wona pit wall failure, but processing plant has resumed normal operations and stockpiling of high grade Siou open pit ore has already begun
  • Continued strong results from Bantou with five rigs drilling and resource goal of 2.5 - 3.0 million ounces by end of 2020
  • Nabanga PEA shows an after-tax NPV of $100 million with upside potential
  • Balance sheet remains conservative with net cash and 100% exposure to upside in gold price

____________________________________

1 

All-in sustaining cost, cash flow from operating activities before changes in non-cash working capital and per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of the MD&A, note 18.

 

Benoit Desormeaux , President and Chief Executive Officer of SEMAFO, states: "It's unfortunate that the temporary set-back at Wona potentially over-shadowed an otherwise strong quarter. The Mana processing plant is back up and running with high grade ore from Siou and we are looking forward to a solid finish to the year. Boungou continued its strong performance in the quarter and continued to demonstrate why it is our cornerstone operating asset. Bantou continued to deliver exciting drill results including some expansion potential and the Nabanga PEA provided a baseline economic case on which to improve."

 

Consolidated Results and Mining Operations





Three-month period

Nine-month period


ended September 30,

ended September 30,


2019

2018

Variation

2019

2018

Variation

Gold ounces produced1

68,800

58,200

18%

271,000

149,400

81%

Gold ounces sold2

68,400

50,500

35%

277,200

142,500

95%








(in thousands of dollars, except amounts per ounce, per tonne and per share)

Revenues – Gold sales2

100,301

60,772

65%

373,827

181,987

105%

Operating income (loss)

27,031

4,513

499%

100,131

(11,110)







Net income (loss) attributable to shareholders of the Corporation

8,903

463

1,823%

42,274

(14,678)

Basic earnings (loss) per share

0.03

0.13

(0.05)

Diluted earnings (loss) per share

0.03

0.13

(0.05)















Cash flow from operating activities before changes in non-cash working capital3

49,519

21,041

135%

202,838

55,271

267%

Per share3

0.15

0.06

150%

0.61

0.17

259%








Average realized selling price (per ounce)

1,466

1,205

22%

1,348

1,277

6%

Total cash cost (per ounce sold)3

547

670

(18%)

514

788

(35%)

All-in sustaining cost (per ounce sold)3

706

1,000

(29%)

731

1,059

(31%)

 

Consolidated Operational Overview and Update

Complete financial statements, including operational statements for Boungou and Mana, are provided at the end of this press release. Consolidated operational results for the quarter were negatively affected by the Wona pit wall failure. The Mana processing plant has resumed normal operations in early November and stockpiling of high grade ore from the Siou open pit has already begun.

As anticipated, Boungou continued its strong performance in the quarter producing 55,600 ounces at an all-in sustaining cost3 of $497 per ounce.

Underground development at Siou continued on-time and on-budget with 5,000 of the total 5,600 meters completed at quarter end. The pace of development continues in line with our goal of reaching full production in the first quarter of 2020. At quarter end, development continued on budget, with $44.7 million of the total $51.7 million budget incurred. Further grade control drilling in the quarter remained consistent with the block model.

 

______________________________________

1 

Gold ounces produced exclude pre-commercial production of 12,000 ounces from Boungou in 2018.

2

Gold sales exclude those resulting from pre-production activities that were offset against capitalized construction costs and amounted to $14,994,000 from Boungou in 2018.

3 

Cash flow from operating activities before changes in non-cash working capital and per share, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of the MD&A, note 18.

 

Exploration & Development

Bantou

Drilling at Bantou-Karankasso resumed late in the quarter. A total of 8 holes (974 meters) were completed on Bantou, and 62 holes (7,387 meters) completed on Karankasso. Five drills were active on the combined project at the end of the quarter. At Bantou, drilling is focused on coincident geophysical and soil anomalies throughout the exploration permit. At Karankasso, drilling is concentrated on the geophysical/soil trends that host the known deposits but have remained undrilled to date.

New Drill Results from Bantou Nord

In the third quarter, results from north-south lines and depth extension drilling were completed at Bantou Nord. As shown in Table 1, the north-south lines continue to return wide intercepts at above-average grades similar to the southeast-oriented lines, confirming the disseminated nature of the mineralization at Bantou Nord. Figure 1 shows the location of the north-south lines at Bantou Nord.

In addition, hole extensions demonstrated a deeper extension, particularly hole KRC19-0297 which is believed to have crossed the down-plunge extension on line 200N. Previous near-surface holes on line 200N had only returned anomalous gold values. This hole entered mineralization at 211 meters, suggesting a north-east plunge of the disseminated zone.

 

Table 1 - Highlights of Bantou Nord Q3 2019 Results







Section

Hole No.

From (m)

To (m)

Length (m)

Au (g/t)

407650E

KRC19-0444

2

94

92.0

1.60

407550E

KRC19-0491

32

96

64.0

2.47

407550E

KRC19-0492

2

36

34.0

1.86

407550E

KRC19-0493

5

95

90.0

2.14

200N

KRC19-0297

211

297.6

86.6

1.22

407750E

KRC19-0432

162

192

30.0

2.40

50N

KRC19-0507

11

63

52.0

1.52

50N

KRC19-0508

83

212

129.0

1.46


* All assays are uncut

 

New Drill Results from Bantou Proximal

During the quarter, results were received from Bantou Proximal. Table 2 shows closer spaced drilling has returned consistently higher grades over significant widths. The zone remains open along strike to the north and at depth. Further drilling to the north is planned later in the fourth quarter. In addition, core drilling is scheduled for preliminary metallurgy analysis and to better understand the mineralization for resource modeling.

In the quarter, we received two new drill results from an area approximately 700 meters east of the Bantou Zone (see Figure 1). The two holes (KRC19-0425 and KRC19-0515) are 150 meters apart and both returned high grade gold values over good widths. Mineralization consists of sheared and sericitized volcaniclastic rocks containing quartz veining and minor pyrite. To date, we have not yet established if the two intersections are interrelated, and their significance remains unknown. Follow-up drilling is ongoing.

 

Table 2 - Highlights of Bantou Proximal Q3 2019 Results







Zone

Hole No.

From (m)

To (m)

Length (m)

Au (g/t)

East Area

KRC19-0425

62

68

6

6.10

East Area

KRC19-0515

91

96

5

6.47

Proximal

KRC19-0460

63

70

7

44.16

Proximal

KRC19-0463

4

19

15

3.14

Proximal

KRC19-0464

56

67

11

8.55

Proximal

KRC19-0464

72

85

13

4.62

Proximal

KRC19-0476

34

61

27

5.07

Proximal

KRC19-0476

76

101

25

7.86

Proximal

KRC19-0478

64

98

34

2.16

Proximal

KRC19-0479

90

99

9

7.53

Proximal

KRC19-0480

118

140

22

2.99

Proximal

KRC19-0481

71

74

3

22.47

Proximal

KRC19-0487

104

111

7

12.15


* All assays are uncut

 

Bantou Resource Estimate

Following completion of the drill programs in the fourth quarter, a revised mineral resource will be compiled for the Bantou Project, incorporating the Karankasso portion, for inclusion in the year-end 2019 resource statement. Our resource goal of 2.5-3.0 million ounces at Bantou by the end of 2020 remains unchanged.

Boungou

A three-rig exploration program was launched late in the third quarter north of the Boungou deposit to explore near-surface splays of the Boungou Shear Zone. A total of 31 holes (3,758 meters) were completed by quarter-end. Results remain pending. The three drills are expected to remain in the area until year-end.

Mana

During the third quarter, a total of 35 holes (3,631 meters) were drilled at Mana completing the Pompoï program and following up on significant results obtained on Fofina Sud. At Pompoi, results have been disappointing to date with only local anomalous gold values obtained. Although most auger anomalies are explained by the drill holes, the holes failed to return significant gold mineralization.

At Fofina Sud, a follow-up program of four lines at 50-meter spacing were completed to assess the extension of the mineralization. Drilling covers a strike length of 250 meters. As shown in Table 3, significant mineralization was obtained on each section and the zone remains open along strike and at depth. Saprolite is exceptionally thick in this area, reaching up to 80 meters vertically.

Additional drilling is planned in the fourth quarter to test the northern and southern extensions of the zone, in addition to deepening holes on previous sections to ensure complete coverage down dip and to test a parallel zone to the west that returned locally significant results.

 

Table 3 - Q3 2019 Select Drilling Results at Fofina Sud







Hole No.

Section

From (m)

To (m)

Length (m)

Au (g/t)

MRC19-5269

 1 309 400N

73

77

4

2.28

MRC19-5270

 1 309 400N

44

49

5

1.82

MRC19-5272

 1 309 400N

52

57

5

1.58

MRC19-5275

 3 309 450N

20

27

7

2.72

MRC19-5276

 1 309 500N

69

76

7

2.09

MRC19-5277

 1 309 500N

32

37

5

1.79

MRC19-5278

 1 309 500N

7

13

6

1.04

MRC19-5282

 1 309 550N

44

47

3

4.70

MRC19-5283

 1 309 550N

16

30

14

1.25

MRC19-5287

 1 309 600N

32

38

6

3.22

 

Nabanga

On September 30, 2019 , we announced positive results from a PEA on Nabanga with the following highlights:

  • Pre-tax NPV of $147 million and after-tax NPV of $100 million , using a 5% discount rate
  • Life of Mine (LoM) gold production of 571,000 ounces at all-in sustaining cost of $760 /oz and a gold recovery of 92% during the 8 years of operations
  • Pre-production capital expenditure of $84 million , including 20% contingency, and $56 million in LoM sustaining capital
  • Project economics (base case at $1,300 /oz gold price):
  • Preferred mining method - open-pit/ underground mining on the upper and at-depth portions of the ore zone, respectively
  • Opportunities exist to improve returns through an increase in resources and additional cost saving measures in the mining operations and development

Mineral Resources

The PEA is based on mineral resources estimated on December 31, 2018 for the Nabanga deposit.

 





Category

Tonnes

Mt

Au g/t

Ounces

K oz

Inferred resources 1

3.4

7.7

840


1 Nabanga mineral resources are reported above a cut-off grade of 3.0 g/t Au.

 

Exploration Potential

On the exploration front, the Nabanga deposit remains open to the north and many of the ore shoots are open at depth. Hole NADD18 0005, drilled on the northernmost section, to date returned 5.17 g/t Au over 3.4 meters along the plunge direction, confirming the continuity of the mineralized shoot. In addition, the remainder of the 800-km2 property is largely under-explored with many untested soil and auger anomalies within trucking distance of the deposit. More specifically, auger drilling carried out in 2019 within a 10- kilometer radius of the deposit identified gold geochemical anomalies that could offer proximal satellite zones of gold mineralization.

For more information on the basis, qualifications and assumptions of the PEA, refer to the press release dated September 30, 2019 .

Qualified Persons & Technical Report

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no guarantee that inferred resources can be converted to indicated or measured resources and as such, there is no certainty that the PEA will be realized. The PEA was conducted by DRA Met-Chem. Patrick Moryoussef, Eng., Vice-President, Mining Operations, SEMAFO and Qualified Person, as defined by National Instrument 43-101 has reviewed this press release for accuracy and compliance with National Instrument 43-101. The PEA is based on the Nabanga resource estimate as of December 31, 2018 as announced on February 20, 2019 . A technical report for the PEA prepared in accordance with National Instrument 43-101 will be filed on SEDAR within 45 days of the September 30 th press release.

Korhogo

In the quarter, 567 holes of auger drilling (10,224 meters) and 700 meters of trenching were completed on the Korhogo property in Côte d'Ivoire. The program is complete for the year, and we are currently compiling the results and assessing our plans for 2020.

Third Quarter Conference Call

A conference call will be held tomorrow, November 5, 2019 at 10:00 AM EST , to discuss the third quarter results. Interested parties are invited to call the following telephone numbers to participate in the call. A live audio webcast of the conference call will be accessible for a period of 90 days through SEMAFO's website at www.semafo.com.

Tel. local & overseas: +1 (514) 225 7341
Tel. North America : 1 (888) 390 0605
Webcast: www.semafo.com 
Replay overseas: +1 (416) 764 8677
Replay N. America: 1 (888) 390 0541
Replay pass code: 921499#
Expiration: December 5, 2019

About SEMAFO

SEMAFO is a Canadian-based intermediate gold producer with over twenty years' experience building and operating mines in West Africa . The Corporation operates two mines, the Boungou and Mana Mines in Burkina Faso . SEMAFO is committed to building value through responsible mining of its quality assets and leveraging its development pipeline.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. All statements other than statements of present or historical facts are forward-looking. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "goal", "upside", "potential", "improve", "anticipated", "planned", "ongoing", "committed", "building", "leveraging", "development", "pipeline" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to (i) achieve the resource goal of 2.5 - 3.0M ounces at Bantou by end of 2020, (ii) deliver the Siou Underground on time and on budget, (iii) meet our goal of reaching full production at the Siou Underground in the first quarter of 2020,(iv) better understand the mineralization of Bantou Proximal, (v) deliver long term shareholder value, (vi) meet our 2019 revised guidance, (vii) resume the processing of ore at Mana at the end of October, (viii) execute on our strategic focus, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2018 Annual MD&A, as updated in SEMAFO's 2019 First, Second and Third Quarter MD&As, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

 

Interim Consolidated Statements of Financial Position

(Expressed in thousands of US dollars - unaudited)  





As at

As at


September 30,

December 31,


2019

2018


$

$




Assets






Current assets



Cash and cash equivalents

77,673

96,519

Current portion of restricted cash

15,000

Trade and other receivables

52,677

29,434

Income tax receivable

3,425

6,390

Inventories

96,571

83,211

Other current assets

6,126

5,378


251,472

220,932

Non-current assets



Advance receivable

1,547

2,117

Restricted cash

9,699

25,340

Property, plant and equipment

854,835

782,060

Intangible asset

1,121

1,204

Other non-current financial assets

1,133

2,622


868,335

813,343

Total assets

1,119,807

1,034,275




Liabilities






Current liabilities



Trade payables and accrued liabilities

60,875

63,905

Current portion of long-term debt

60,000

60,181

Current portion of lease liabilities

13,741

7,820

Current portion of share unit plan liabilities

5,414

3,311

Provisions

2,892

3,051


142,922

138,268

Non-current liabilities



Long-term debt

13,912

57,388

Lease liabilities

23,296

20,144

Share unit plan liabilities

4,147

2,263

Provisions

25,121

23,561

Deferred income tax liabilities

73,789

39,548


140,265

142,904

Total liabilities

283,187

281,172




Equity






Shareholders of the Corporation



Share capital

647,215

623,604

Contributed surplus

6,126

6,771

Accumulated other comprehensive loss

(18,404)

(18,909)

Retained earnings

153,184

109,216


788,121

720,682

Non-controlling interests

48,499

32,421




Total equity

836,620

753,103

Total liabilities and equity

1,119,807

1,034,275

 

Interim Consolidated Statements of Income (Loss)

For the three-month and nine-month periods ended September 30, 2019 and 2018, respectively

(Expressed in thousands of US dollars, except per share amounts - unaudited)





Three-month period

Nine-month period


ended September 30,

ended September 30,


2019

2018

2019

2018


$

$

$

$






Revenue – Gold sales

100,301

60,772

373,827

181,987






Costs of operations





Mining operation expenses

41,370

33,802

146,428

112,259

Depreciation of property, plant and equipment

27,822

18,535

108,388

66,546

General and administrative

4,096

3,736

12,005

11,512

Corporate social responsibility expenses

372

600

746

1,163

Share-based compensation

(390)

(414)

6,129

1,617






Operating income (loss)

27,031

4,513

100,131

(11,110)






Other expenses (income)





Finance income

(511)

(530)

(1,671)

(1,783)

Finance costs

2,210

1,433

8,831

2,033

Foreign exchange loss

683

826

893

1,690






Income (loss) before income taxes

24,649

2,784

92,078

(13,050)






Income tax expense





Current

2,619

376

4,492

665

Deferred

11,311

1,529

36,883

1,419


13,930

1,905

41,375

2,084






Net income (loss) for the period

10,719

879

50,703

(15,134)






Attributable to:





Shareholders of the Corporation

8,903

463

42,274

(14,678)

Non-controlling interests

1,816

416

8,429

(456)


10,719

879

50,703

(15,134)






Earnings (loss) per share





Basic

0.03

0.13

(0.05)

Diluted

0.03

0.13

(0.05)

 


Interim Consolidated Statements of Cash Flows

For the three-month and nine-month periods ended September 30, 2019 and 2018, respectively

(Expressed in thousands of US dollars - unaudited)





Three-month period

Nine-month period


ended September 30,

ended September 30,


2019

2018

2019

2018


$

$

$

$

Cash flows from (used in):










Operating activities





Net income (loss) for the period

10,719

879

50,703

(15,134)

Adjustments for:





Depreciation of property, plant and equipment

27,822

18,535

108,388

66,546

Share-based compensation

(390)

(414)

6,129

1,617

Amortization of deferred transaction costs

245

1,122

Unrealized foreign exchange (gain) loss

(144)

374

(360)

813

Deferred income tax expense

11,311

1,529

36,883

1,419

Other

(44)

138

(27)

10

Cash flow from operating activities before changes in non-cash working capital

49,519

21,041

202,838

55,271

Changes in non-cash working capital items

(21,315)

8,870

(41,297)

(1,727)

Net cash provided by operating activities

28,204

29,911

161,541

53,544






Financing activities





Repayment of long-term debt

(15,000)

(45,000)

Repayment of equipment financing

(26)

(78)

(181)

(233)

Payments of lease liabilities

(3,449)

(1,292)

(8,835)

(3,602)

Proceeds on issuance of share capital, net of expenses

781

2,267

861

Net cash used in financing activities

(17,694)

(1,370)

(51,749)

(2,974)






Investing activities





Acquisition of property, plant and equipment

(39,813)

(50,885)

(127,229)

(160,741)

Net cash received on acquisition of Savary Gold Corporation

232

Proceeds (acquisitions) from equity investments

63

(1,508)

Decrease in restricted cash

212

212

212

212

Net cash used in investing activities

(39,601)

(50,673)

(126,722)

(162,037)






Effect of exchange rate changes on cash and cash equivalents

(2,094)

(499)

(1,916)

(1,243)

Change in cash and cash equivalents during the period

(31,185)

(22,631)

(18,846)

(112,710)

Cash and cash equivalents – Beginning of period

108,858

108,871

96,519

198,950

Cash and cash equivalents – End of period

77,673

86,240

77,673

86,240

Interest paid

2,256

2,532

7,642

7,268

Interest received

517

520

1,680

1,969

Income tax paid

168

858

1,019

4,224

 


Boungou, Burkina Faso

Mining Operations

Commercial production at Boungou was declared on September 1, 2018.







Three-month period

One-month period

Nine-month period

One-month period


ended September 30,

ended September 30,


2019

2018

2019

2018

Operating Data





Mining





Waste mined (tonnes)

4,191,400

924,600

9,836,900

924,600

Ore mined (tonnes)

557,400

130,200

1,308,100

130,200

Operational stripping ratio

7.5

7.1

7.5

7.1

Capitalized Stripping Activity





Waste material – Boungou (tonnes)

1,188,800

476,000

9,417,200

476,000

Total strip ratio

9.7

10.8

14.7

10.8






Processing





Tonnes processed (tonnes)

288,100

91,300

879,500

91,300

Head grade (g/t)

6.25

3.96

6.64

3.96

Recovery (%)

96

90

96

90

Gold ounces produced1

55,600

10,500

180,300

10,500

Gold ounces sold2

53,100

4,200

181,600

4,200






Financial Data (in thousands of dollars)





Revenues – Gold sales2

78,301

5,009

246,937

5,009

Mining operation expenses

18,446

2,051

53,135

2,051

Government royalties and development taxes

4,514

241

13,939

241

Depreciation of property, plant and equipment

21,681

1,849

71,272

1,849

General and administrative

262

33

757

33

Corporate social responsibility expenses

95

156

182

156

Segment operating income

33,303

679

107,652

679






Statistics (in dollars)





Average realized selling price (per ounce)

1,475

1,203

1,360

1,203

Cash operating cost (per tonne processed)3

68

55

61

55

Cash operating cost including stripping (per tonne processed)3

78

67

85

67

Total cash cost (per ounce sold)3

432

550

369

550

All-in sustaining cost (per ounce sold)3

497

807

503

807

Depreciation (per ounce sold)4

408

444

392

444

______________________________________________

1

Gold ounces produced exclude pre-commercial production of 12,000 ounces.

2

Gold sales exclude those resulting from pre-production activities that were offset against capitalized construction costs and amounted to $14,994,000.

3

Cash operating cost, cash operating cost including stripping, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of this MD&A, note 18.

4

Depreciation per ounce sold is a non-IFRS financial performance measure with no standard definition under IFRS and represents the depreciation expense per ounce sold.

 

Mana, Burkina Faso

Mining Operations





Three-month period

Nine-month period


ended September 30,

ended September 30,


2019

2018

Variation

2019

2018

Variation

Operating Data







Mining







Waste mined (tonnes)

1,462,600

3,076,300

(52%)

7,595,600

13,403,400

(43%)

Ore mined (tonnes)

185,300

413,300

(55%)

1,072,000

1,483,800

(28%)

Operational stripping ratio

7.9

7.4

7%

7.1

9.0

(21%)

Capitalized Stripping Activity







Waste material – Siou (tonnes)

2,222,200

2,559,900

(13%)

6,676,800

2,559,900

161%

Waste material – Wona (tonnes)

4,403,300

2,824,500

56%

7,814,300

9,542,400

(18%)


6,625,500

5,384,400

23%

14,491,100

12,102,300

20%

Total strip ratio

43.6

20.5

113%

20.6

17.2

20%








Processing







Ore processed (tonnes)

179,200

519,400

(65%)

1,110,000

1,735,600

(36%)

Low grade material (tonnes)

168,000

129,700

30%

496,500

202,000

146%

Tonnes processed (tonnes)

347,200

649,100

(47%)

1,606,500

1,937,600

(17%)

Head grade (g/t)

1.39

2.50

(44%)

2.02

2.36

(14%)

Recovery (%)

85

92

(8%)

87

94

(7%)

Gold ounces produced

13,200

47,700

(72%)

90,700

138,900

(35%)

Gold ounces sold

15,300

46,300

(67%)

95,600

138,300

(31%)








Financial Data (in thousands of dollars)







Revenues – Gold sales

22,000

55,763

(61%)

126,890

176,978

(28%)

Mining operations expenses

17,341

29,257

(41%)

73,549

102,030

(28%)

Government royalties

1,069

2,253

(53%)

5,805

7,937

(27%)

Depreciation of property, plant and equipment

5,996

16,590

(64%)

36,673

64,410

(43%)

General and administrative

553

639

(13%)

1,680

1,973

(15%)

Corporate social responsibility expenses

277

444

(38%)

564

841

(33%)

Segment operating (loss) income

(3,236)

6,580

8,619

(213)








Statistics (in dollars)







Average realized selling price (per ounce)

1,435

1,205

19%

1,327

1,280

4%

Cash operating cost (per tonne processed)¹

33

46

(28%)

42

52

(19%)

Cash operating cost including stripping (per tonne processed)1

54

68

(21%)

61

68

(10%)

Total cash cost (per ounce sold)¹

946

681

39%

789

795

(1%)

All-in sustaining cost (per ounce sold)¹

1,434

1,017

41%

1,164

1,067

9%

Depreciation (per ounce sold)²

392

358

9%

384

466

(18%)

____________________________________________

1

Cash operating cost, cash operating cost including stripping, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of the MD&A, note 18.

2

Depreciation per ounce sold is a non-IFRS financial performance measure with no standard definition under IFRS and represents the depreciation expense per ounce sold.

 

SOURCE SEMAFO


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