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Endeavour Silver Corp increases net earnings by 148% in 2017

Last updated: 21:02 26 Feb 2018 GMT, First published: 15:02 26 Feb 2018 GMT

silver bars
The firm sold around 4.9mln ounces of silver in the year

Endeavour Silver Corp (TSX:EDR, NYSE:EXK) shares nudged higher in Toronto as the Mexico-focused metals producer said net earnings increased 148% last year compared to 2016.

Net earnings for the year to end December was US$9.7mln versus US$3.9mln a year earlier on revenues of US$150.5mln, down 4% from the previous year.

The firm sold around 4.9mln ounces of silver and 51,460 ounces of gold and realised silver prices increased 2% and realised gold price was up 3% but all-on sustaining costs were up 36% to US$16.96 per ounce of silver payable (net of gold credits).

"....our financial performance in the Q4 2017 was up across all metrics compared to Q4 2016, noted Bradford Cooke, chief executive.

"We reduced our operating costs during the year and expect to continue that trend into 2018."

"After a tough start to the year in the first quarter, Endeavour posted three consecutive quarters of improved production, making the fourth quarter our best of the year. Ore grades and throughput both improved in the second half. In 2017, silver equivalent production met the low end of our original guidance and the high end of our revised guidance, despite overcoming operational challenges at the Guanacevi mine.

Cooke added: "A new productivity optimisation programme was launched at Guanacevi last month and additional operational improvements are planned this year at Bolanitos and El Cubo."

Endeavour owns and operates three underground mines in Mexico.

They are the Guanacevi mine in Durango state and the Bolanitos and El Cubo mines in Guanajuato state.

It is also developing the El Compas project to production in Zacatecas state, and advancing the Terronera project in Jalisco state to a development decision.

Working capital decreased 19% in 2017 to US$66.2mln at year-end. There was no outstanding debt as of December 31 last year.

Shares added 3.51% to C$2.95 in Toronto.

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