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Mandalay toughs out lower grades at Costerfield

Friday, February 17, 2017 9:11
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Mandalay Resources Corporation (TSE: MND) delivered revenues of C$32.4 mln, adjusted EBITDA of negative C$2.3 mln and a consolidated net loss before special items of C$10.8 mln for the fourth quarter of 2016.

For the full year 2016, Mandalay generated revenue of C$185.5 mln, adjusted EBITDA of C$50.9 mln and an adjusted net loss before special items of $2.5 mln.

Mandalay ended the year with $66.9 million in cash and cash equivalents.

The quarterly dividend was set at C$1.9 mln, or 6% of the trailing quarter’s gross revenue.

“2016 was a challenging year for the company,” said chief executive Mark Sander. “Mandalay generated 5% lower revenue in 2016 than in 2015 due to expected grade-related lower production at Costerfield, offset by expected higher production at Bjorkdal.̈



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