Lower operating costs, a weak peso and a higher silver price enabled the Mexican silver group to post an annual profit of C$3.9mln, but revenues were lower at C$159mln (C$184mln) due to the lower production especially in the final quarter.
Endeavour posted a net loss of C$5.2mln (C$2.2mln) in the final three months, but chief executive Bradford Cooke is optimistic that 2017 will see it make progress.
”Looking back, 2016 was a year of transition for Endeavour Silver.
“We delivered sharply improved financial performance in 2016 primarily due to higher metal prices and lower operating costs.
“Production was down year on year due to our decisions in January to significantly reduce spending on exploration and development in 2016 at low metal prices, which reduced our mine access and therefore metal production.
“We reversed that decision at the end of the second quarter.
“With the acquisition last year of two high grade silver-gold development projects in the historic silver mining districts of Zacatecas and Parral, Mexico and the advancement of our exciting new discovery on the Terronera property, our focus has now turned to near term growth.
“That makes 2017 a year of transformation for Endeavour as the company is now in a position to potentially build three new mines over the next three years to fuel Endeavour’s next phase of organic growth.”
Story by ProactiveInvestors