2019 - THE YEAR IN REVIEW
· Production increased by 39% to 340,900 ounces at an all-in sustaining cost (AISC) of
· Cash flow from operating activities before changes in non-cash working capital increased to
· First production from Siou underground
· Successful acquisition and integration of
· Inferred mineral resources at the
· Completion of a positive preliminary economic assessment ("PEA") for Nabanga with after-tax NPV of
2020 GUIDANCE
· Restart of the Boungou plant and initial three-month production of 42,000 - 46,000 ounces expected from processing of stockpiles at an AISC of between
· Phase two of the Boungou plan includes a Q4 2020 mining restart for production of between 88,000 and 104,000 ounces at AISC of between
· Mana is expected to produce between 185,000-205,000 ounces of gold from Siou underground and the Siou and Wona open pits
[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" defined at the end of this press release.
2019 - ANNUAL FINANCIAL & OPERATIONAL HIGHLIGHTS
The following highlights include a 10-week shutdown at the
· Cash flow from operating activities before changes in non-cash working capital of
· Consolidated annual gold production of 340,900 ounces, compared to 244,600 ounces for the same period in 2018, a 39% increase
· Gold sales of
· All-in sustaining cost [1] of
· Adjusted operating income [1] of
· Adjusted net income attributable to shareholders of the Corporation [1] of 73.7 million or
FOURTH QUARTER 2019 FINANCIAL & OPERATIONAL HIGHLIGHTS
The following fourth quarter 2019 highlights include a 4-week shutdown at Mana and a 7-week suspension at Boungou.
· Cash flow from operating activities before changes in non-cash working capital of
· Consolidated gold production of 69,900 ounces compared to 95,200 ounces for the same period in 2018
· Gold sales of
· All-in sustaining cost [1] of
· Adjusted operating income [1] of
· Adjusted net income attributable to equity shareholders of
2020 Exploration
An initial exploration budget of
Bantou
At Bantou, the initial
This initial budget is likely to increase as the exploration program moves outside the existing zones and follows up interesting intersections like 14.6 g/t Au over 21 meters at Tiébi. Highlights of best results obtained in the fourth quarter are shown in Table 1.
[1] Cash flow from operating activities before changes in non-cash working capital and per share, all-in sustaining cost, adjusted operating income, adjusted net income (loss) attributable to shareholders of the Corporation and adjusted basic earnings (loss) per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" defined at the end of this press release. During the fourth quarter of 2019, adjusted operating income and adjusted net income attributable to equity shareholders exclude the non-cash impairment of property, plant and equipment of
Table 1 - Highlights from Bantou Q4 2019 Exploration*
Hole No. From (m) To (m) Length (m) Au (g/t) Zone
63 84 21 14.63 Tiébi
KARC19-0136 29 37 8 1.31 Tiébi Ouest
KARC19-0136 84 86 2 5.42 Tiébi Ouest
KARC19-0162 25 29 4 1.14 Tiébi Ouest
KRC19-0531 87 91 4 2.52 Bantou Est
KRC19-0538 132 136 4 1.92 Bantou Est
KRC19-0538 158 161 3 3.04 Bantou Est
KRC19-0632 124 127 3 1.65 Bantou NW
KRC19-0634 56 60 4 2.00 Bantou NW
*All assays are uncut. Lengths are core lengths. True widths remain undetermined.
Boungou
The
Mana
At Mana, a
Boungou, Burkina Faso
Mining Operations
Commercial production at Boungou was declared on
2019 2018 Variation
Operating Data
Mining
Waste mined (tonnes) 11,651,000 4,035,200 189 %
Ore tonnes mined 1,628,400 568,300 187 %
Operational stripping ratio 7.2 7.1 1 %
Capitalized Stripping Activity
Waste material - Boungou 9,568,900 4,143,200 131 %
(tonnes)
Total strip ratio 13.0 14.4 (10 %)
Processing
Tonnes processed (tonnes) 999,700 368,100 172 %
Head grade (g/t) 6.65 5.75 16 %
Recovery (%) 96 94 2 %
Gold ounces produced [1] 205,200 63,600 223 %
Gold ounces sold [2] 214,400 54,300 295 %
Financial Data (in thousands of
dollars)
Revenues - Gold sales [2] 295,758 66,966 342 %
Mining operation expenses 69,489 18,564 274 %
Government royalties and 16,997 3,338 409 %
development taxes
Depreciation of PPE 85,385 21,742 293 %
General and administrative 1,217 186 554 %
Corporate social responsibility 183 331 (45 %)
expenses
Segment operating income 122,487 22,805 437 %
Statistics (in dollars)
Average realized selling price 1,380 1,233 12 %
(per ounce)
Cash operating cost (per tonne 61 56 9 %
processed) [3]
Cash operating cost including 82 79 4 %
stripping (per tonne processed)
[3]
Total cash cost (per ounce sold) 380 403 (6 %)
[3]
All-in sustaining cost (per 497 596 (17 %)
ounce sold) [3]
Depreciation (per ounce sold) 398 400 (1 %)
[4]
[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
[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" defined at the end of this press release.
[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.
Boungou, Burkina Faso
Mining Operations
The following includes a 7-week suspension at Boungou in 2019. As commercial production commenced on
Grade in 2019 increased, compared to 2018, to average 6.65 g/t Au, as the mine plan reached higher-grade zones. Due to the higher grade, the all-in sustaining cost [1] was
Mana, Burkina Faso
Mining Operations
2019 2018 Variation
Operating Data
Mining - Open pit
Waste mined (tonnes) 9,253,800 17,802,100 (48 %)
Ore tonnes mined 1,337,800 2,109,700 (37 %)
Operational stripping ratio 6.9 8.4 (18 %)
Capitalized Stripping Activity
Waste material - Siou (tonnes) 6,676,800 4,200,500 59 %
Waste material - Wona (tonnes) 12,151,400 11,643,400 4 %
18,828,200 15,843,900 19 %
Total strip ratio 21.0 15.9 32 %
Mining - Underground
Ore tonnes mined 99,600 - -
Processing
Ore processed (tonnes) 1,445,400 2,356,400 (39 %)
Low grade material (tonnes) 615,800 217,500 183 %
Tonnes processed (tonnes) 2,061,200 2,573,900 (20 %)
Head grade (g/t) 2.28 2.36 (3 %)
Recovery (%) 90 93 (3 %)
Gold ounces produced 135,700 181,000 (25 %)
Gold ounces sold 131,700 181,100 (27 %)
Financial Data (in thousands of
dollars)
Revenues - Gold sales 179,992 229,713 (22 %)
Mining operations expenses 97,762 132,252 (26 %)
Government royalties 8,487 10,055 (16 %)
Depreciation of PPE 53,829 81,626 (34 %)
General and administrative 2,416 2,635 (8 %)
Corporate social responsibility 676 931 (27 %)
expenses
Segment operating income 16,822 2,214 660 %
Statistics (in dollars)
Average realized selling price 1,367 1,268 8 %
(per ounce)
Cash operating cost (per tonne 44 51 (14 %)
processed) [1]
Cash operating cost including 63 68 (7 %)
stripping (per tonne processed)
[1]
Total cash cost (per ounce sold) 762 786 (3 %)
[1]
All-in sustaining cost (per 1,095 1,056 4 %
ounce sold) [1]
Depreciation (per ounce sold) 409 451 (9 %)
[2]
[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" defined at the end of this press release.
[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.
Mana, Burkina Faso
Mining Operations
Following a pit wall failure in the Wona pit in
In 2019, the ore mined from the open pit decreased and the strip ratio was higher compared to 2018, given our focus on development activities due to the pit wall failure at Mana. The ore processed and gold ounces produced and sold decreased compared to 2018, following the suspension of processing activities at the
Siou Underground Development
In the fourth quarter of 2019, underground development prior to production continued on time and on budget. First production occurred in December in line with reaching full production of 2,000-tpd in the first quarter of 2020.
In 2019, we decided to take advantage of available equipment and our mining contractor's productivity to get ahead of 2020 grade control drilling and mine development plans. As a result, by the end of 2019, we had grade-control drilled 50% of the orebody and developed up to 1,200 meters over our 2019 plan.
2019 Reserves and Resources - as at December 31, 2019
As at
Changes in reserves are net of 2019 depletion due to production. All mineral resources reported are exclusive of mineral reserves. Mineral reserves and resources reported at Mana and at Boungou were estimated using a gold price of
Total proven and probable reserves at Boungou were 10.3 million tonnes averaging 3.72 g/t Au for 1.2 million ounces of gold in 2019, compared to 10.9 million tonnes at 3.94 g/t Au for 1.4 million ounces in 2018. The decrease is due to depletion as
Mana
At year-end 2019, Mana's mineral reserves totalled 15 million tonnes at an average grade of 2.91 g/t Au for 1.4 million ounces, compared to 16 million tonnes averaging 2.96 g/t Au for 1.5 million ounces in 2018. Mana's mineral resources remained constant at 43.6 million tonnes at an average grade of 1.92 g/t Au for 2.7 million ounces.
At the end of 2019, the
The mineral resources at
Yactibo (Nabanga Deposit)
Inferred resources at the Nabanga deposit remain unchanged at 3.4 million tonnes at 7.69 g/t Au for 841,000 ounces of contained gold.
Fourth Quarter Conference Call
A conference call will be held tomorrow,
Tel. local & overseas: +1 (514) 225 7341
Tel.
Webcast: www.semafo.com
Replay overseas: +1 (416) 764 8677
Replay
Replay pass code: 086322#
Expiration:
Annual General Meeting of Shareholders
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 "guidance", "expected", "plan", "increase", "ramp-up", "positions us well", "potential", "initial", "priority", "likely", "objective", "estimated", "committed", "building", "leveraging", "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) produce 42,000 - 46,000 ounces during the initial three-month phase at Boungou at an AISC of between
These documents are also available on our website at www.semafo.com.
Consolidated Results and Mining Operations
2019 2018 2017
Gold ounces 340,900 244,600 206,400
produced [1]
Gold ounces sold 346,100 235,400 205,300
[2]
(in thousands of
dollars, except
amounts
per ounce and per
share)
Revenues - Gold 475,750 296,679 258,993
sales [2]
Operating income 113,670 10,321 11,494
Net income (loss) 50,187 (8,192 ) 20,036
attributable to
shareholders of the
Corporation
Basic earnings 0.15 (0.03 ) 0.06
(loss) per share
Diluted earnings 0.15 (0.03 ) 0.06
(loss) per share
Adjusted operating 133,382 8,494 10,659
income [3]
Adjusted net income 73,715 (4,462 ) 864
(loss) attributable
to shareholders of
the Corporation [3]
Per share [3] 0.22 (0.01 ) -
Cash flow from 247,427 110,203 107,023
operating
activities
before changes in
non-cash working
capital [3]
Per share [3] 0.75 0.34 0.33
Average realized 1,375 1,260 1,261
selling price (per
ounce)
Total cash cost 525 698 655
(per ounce sold)
[3]
All-in sustaining 724 951 942
cost (per ounce
sold)
[3]
[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
[3] Adjusted operating income, adjusted net income (loss) attributable to shareholders of the Corporation, adjusted basic earnings (loss) per share, 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" defined at the end of this press release.
Fourth Quarter Consolidated Results and Mining Operations
Three-month
period
ended
2019 2018 Variation
Gold ounces 69,900 95,200 (27 %)
produced [1]
Gold ounces sold 68,900 92,900 (26 %)
[2]
(in thousands of
dollars, except
amounts
per ounce and per
share)
Revenues - Gold 101,923 114,692 (11 %)
sales [2]
Operating income 13,539 21,431 (37 %)
Net income 7,913 6,486 22 %
attributable to
shareholders
of the Corporation
Basic earnings 0.02 0.02 -
per share
Diluted 0.02 0.02 -
earnings per share
Adjusted operating 26,101 20,957 25 %
income [3]
Adjusted net income 16,288 7,754 110 %
attributable to
shareholders of the
Corporation [3]
Per share [3] 0.05 0.02 150 %
Cash flow from 44,589 54,932 (19 %)
operating
activities
before changes in
non-cash working
capital [3]
Per share [3] 0.13 0.17 (24 %)
Average realized 1,482 1,234 20 %
selling price (per
ounce)
Total cash cost 569 559 2 %
(per ounce sold)
[3]
All-in sustaining 698 782 (11 %)
cost (per ounce
sold)
[3]
[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
[3] Adjusted operating income, adjusted net income (loss) attributable to shareholders of the Corporation, adjusted basic earnings (loss) per share, 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" defined at the end of this press release.
Non-IFRS Financial Performance Measures
Cash Operating Cost and Cash Operating Cost including Stripping
The Corporation reports cash operating costs and cash operating cost including stripping per tonne processed. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors may find that the cash operating costs and cash operating cost including stripping per tonne processed provided useful information to assist investors with their evaluation of the Corporation's performance and ability to generate cash flow from its operations. A reconciliation of cash operating cost calculated in accordance with the Gold Institute Standard to operating costs is included in the following table, for the years ended
2019 2018
Boungou Mana Boungou Mana
Per tonne
processed
Tonnes of ore 999,700 2,061,200 368,100 2,573,900
processed
(in thousands of
dollars except
per tonne)
Mining operation 86,486 106,249 21,902 142,307
expenses
(relating to
ounces sold)
Fixed expenses (5,095 ) (5,933 ) - -
incurred during
shutdown and
suspension
period
Government (17,763 ) (8,891 ) (3,537 ) (10,592 )
royalties,
development
taxes and
selling
expenses
Effects of (2,286 ) (1,136 ) 2,323 36
inventory
adjustments
(doré bars and
gold in
circuit)
Operating costs 61,342 90,289 20,688 131,751
(relating to
tonnes
processed)
Cash operating 61 44 56 51
cost (per tonne
processed)
2019 2018
Boungou Mana Boungou Mana
Per tonne
processed
Tonnes of ore 999,700 2,061,200 368,100 2,573,900
processed
(in thousands
of dollars
except
per tonne)
Stripping cost 21,282 38,613 8,497 42,608
[1]
Stripping cost 21 19 23 17
(per tonne
processed)
Cash operating 61 44 56 51
cost (per tonne
processed)
Cash operating 82 63 79 68
cost including
stripping (per
tonne
processed)
[1] Stripping cost excludes mining costs incurred during the shutdown period at the
Total Cash Cost
The Corporation reports total cash costs based on ounces sold. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors may find that the total cash cost per ounce sold provided useful information to assist investors with their evaluation of the Corporation's performance and ability to generate cash flow from its operations. A reconciliation of total cash cost is included in the following table, for the years ended
2019 2018
Boungou Mana Total Boungou Mana Total
Per ounce
sold
Gold 214,400 131,700 346,100 54,300 181,100 235,400
ounces
sold
(in
thousands
of dollars
except
per
ounce)
Mining 86,486 106,249 192,735 21,902 142,307 164,209
operation
expenses
Fixed (5,095 ) (5,933 ) (11,028 ) - - -
expenses
incurred
during
shutdown
and
suspension
period
Cash cost 81,391 100,316 181,707 21,902 142,307 164,209
(relating
to
ounce
sold)
Total cash 380 762 525 403 786 698
cost
(per ounce
sold)
All-in Sustaining Cost
All-in sustaining cost represents the total cash cost plus sustainable capital expenditures and stripping costs presented per ounce sold. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors may find that the all-in sustaining cost per ounce sold better meets their needs by assessing the Corporation's operating performance and its ability to generate free cash flow. The Corporation classified sustaining capital expenditures which are required to maintain existing operations and capitalized stripping. A reconciliation of all-in sustaining cost is included in the following table, for the years ended
2019 2018
Boungou Mana Total Boungou Mana Total
Per ounce
sold
Gold ounces 214,400 131,700 346,100 54,300 181,100 235,400
sold
(in
thousands
of
dollars
except per
ounce)
Sustaining 25,168 43,869 69,037 10,465 48,974 59,439
capital
expenditure
[1]
Sustaining 117 333 199 193 270 253
capital
expenditure
(per ounce
sold)
Total cash 380 762 525 403 786 698
cost (per
ounce
sold)
All-in 497 1,095 724 596 1,056 951
sustaining
cost
(per ounce
sold)
Cash Flow from Operating Activities before Changes in non-
The Corporation uses cash flow from operating activities before changes in non-cash working capital to supplement its consolidated financial statements, and calculates it by not including the period to period movement of non-cash working capital items, like trade and other receivables, income tax receivable, inventories, other current assets, trade payables and accrued liabilities, share unit plan liabilities and provisions. The Corporation believes this provides an alternative indication of its cash flow from operating activities and may be meaningful to investors in evaluating our past performance or future prospects. It is not meant to be a substitute for cash flow from operating activities, which is calculated according to IFRS.
[1] Sustaining capital expenditure excludes sustaining capital expenditure incurred during the shutdown period at the
Cash Flow from Operating Activities before Changes in non-
The Corporation presents cash flow from operating activities before changes in non-cash working capital per share as it believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors may find that the cash flow from operating activities before changes in non-cash working capital per share provided useful information to assist investors with their evaluation of the Corporation's performance and ability to generate cash flow from its operations. A reconciliation of cash flow from operating activities before changes in non-cash working capital per share is included in the following table, for the years ended
2019 2018
(in thousands of dollars except per share)
Cash flow from operating activities before 247,427 110,203
changes in non-cash working capital
Weighted average number of outstanding common 331,392 325,478
shares - Basic
Cash flow from operating activities before 0.75 0.34
changes in non-cash working capital per
share
Adjusted Accounting Measures
Net income and operating income have been adjusted with items considered temporal and that do not reflect the Corporation core mining operations. The Corporation believes certain investors may find that the adjusted net income (loss) attributable to shareholders of the Corporation, adjusted basic earnings (loss) per share and adjusted operating income (loss) provided useful information to assist investors with their evaluation of the Corporation's performance and ability to generate cash flow from its operations. Reconciliations of adjusted accounting measures is included in the following tables, for the years ended
2019 2018
(in thousands of dollars except per share)
Net income (loss) attributable to 50,187 (8,192 )
shareholders of the Corporation as per IFRS
Foreign exchange loss 877 1,613
Tax effect of currency translation on tax 2,939 3,944
base
Share-based compensation recovery related to (575 ) (1,827 )
change in the fair value of the share price
Impairment of PPE 9,259 -
Fixed expenses incurred during shutdown and 11,028 -
suspension period
Adjusted net income (loss) attributable to 73,715 (4,462 )
shareholders of the Corporation
Weighted average number of outstanding 331,392 325,478
shares
Adjusted basic earnings (loss) per share 0.22 (0.01 )
2019 2018
(in thousands) $ $
Operating income as per IFRS 113,670 10,321
Share-based compensation recovery related to (575 ) (1,827 )
change in the fair value of the share price
Impairment of PPE 9,259 -
Fixed expenses incurred during shutdown and 11,028 -
suspension period
Adjusted operating income 133,382 8,494
Consolidated Statements of Financial Position
(Expressed in thousands of US dollars - audited)
As at As at
2019 2018
$ $
Assets
Current assets
Cash and cash 98,297 96,519
equivalents
Trade and other 44,645 29,434
receivables
Income tax receivable 4,434 6,390
Inventories 98,072 83,211
Other current assets 5,380 5,378
250,828 220,932
Non-current assets
Advance receivable 1,421 2,117
Restricted cash 9,964 25,340
Property, plant and 843,123 782,060
equipment
Intangible asset 1,079 1,204
Other non-current 3,698 2,622
financial assets
859,285 813,343
Total assets 1,110,113 1,034,275
Liabilities
Current liabilities
Trade payables and 67,819 63,905
accrued liabilities
Current portion of long 59,275 60,181
-term debt
Current portion of 13,073 7,820
lease liabilities
Current portion of 3,269 3,311
share unit plan
liabilities
Provisions 2,843 3,051
146,279 138,268
Non-current
liabilities
Long-term debt - 57,388
Lease liabilities 15,244 20,144
Share unit plan 2,755 2,263
liabilities
Provisions 25,617 23,561
Deferred income tax 72,478 39,548
liabilities
116,094 142,904
Total liabilities 262,373 281,172
Equity
Shareholders of the
Corporation
Share capital 647,251 623,604
Contributed surplus 6,105 6,771
Accumulated other (17,351 ) (18,909 )
comprehensive loss
Retained earnings 162,127 109,216
798,132 720,682
Non-controlling 49,608 32,421
interests
Total equity 847,740 753,103
Total liabilities and 1,110,113 1,034,275
equity
Consolidated Statements of Income (Loss)
For the years ended
(Expressed in thousands of US dollars, except per share amounts - audited)
2019 2018
$ $
Revenue - Gold sales 475,750 296,679
Costs of operations
Mining operation expenses 192,735 164,209
Depreciation of property, plant and equipment 139,824 103,758
General and administrative 16,811 15,826
Corporate social responsibility expenses 859 1,262
Share-based compensation 2,592 1,303
Impairment of property, plant and equipment 9,259 -
Operating income 113,670 10,321
Other expenses (income)
Finance income (2,233 ) (2,283 )
Finance costs 10,774 5,722
Foreign exchange loss 877 1,613
Income before income taxes 104,252 5,269
Income tax expense
Current 9,858 2,136
Deferred 33,639 9,986
43,497 12,122
Net income (loss) for the year 60,755 (6,853 )
Attributable to:
Shareholders of the Corporation 50,187 (8,192 )
Non-controlling interests 10,568 1,339
60,755 (6,853 )
Earnings (loss) per share
Basic 0.15 (0.03 )
Diluted 0.15 (0.03 )
Consolidated Statements of Cash Flows
For the years ended
(Expressed in thousands of US dollars - audited)
2019 2018
$ $
Cash flows from (used in):
Operating activities
Net income (loss) for the year 60,755 (6,853 )
Adjustments for:
Depreciation of property, plant 139,824 103,758
and equipment
Share-based compensation 2,592 1,303
Amortization of deferred 1,218 -
transaction costs
Unrealized foreign exchange loss 208 1,608
Impairment of property, plant and 9,259 -
equipment
Deferred income tax expense 33,639 9,986
Other (68 ) 401
Cash flow from operating activities 247,427 110,203
before changes in non-cash working
capital
Changes in non-cash working capital (30,189 ) (2,279 )
items
Net cash provided by operating 217,238 107,924
activities
Financing activities
Repayment of long-term debt (60,000 ) -
Repayment of equipment financing (181 ) (310 )
Payments of lease liabilities (10,958 ) (5,485 )
Proceeds on issuance of share capital, 2,282 861
net of expenses
Net cash used in financing activities (68,857 ) (4,934 )
Investing activities
Acquisition of property, plant and (160,042 ) (198,740 )
equipment
Net cash received on acquisition of 232 -
Savary Gold Corporation
Net acquisitions of equity investments (1,449 ) (1,740 )
Decrease (increase) in restricted cash 15,212 (2,491 )
Net cash used in investing activities (146,047 ) (202,971 )
Effect of exchange rate changes on cash (556 ) (2,450 )
and cash equivalents
Change in cash and cash equivalents 1,778 (102,431 )
during the year
Cash and cash equivalents - Beginning 96,519 198,950
of year
Cash and cash equivalents - End of year 98,297 96,519
Interest paid 9,689 9,850
Interest received 2,261 2,464
Income tax paid 1,385 5,127
View PDF Version of News Release (https://mb.cision.com/Public/17699/3051788/ac8024eb4192edde.pdf)
For more information, contact:
Vice-President, Corporate Affairs & Investor Relations
Email: John.Jentz@semafo.com
Ruth Hanna
Analyst, Investor Relations
Email: Ruth.Hanna@semafo.com
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
Website: www.semafo.com
About
https://news.cision.com/semafo-inc-/r/semafo--cash-flow-from-operating-activities-before-changes-in-non-cash-working-capital-of--247-milli,c3051788
https://mb.cision.com/Main/17699/3051788/1205269.pdf
https://mb.cision.com/Public/17699/3051788/ac8024eb4192edde.pdf
(c) 2020 Cision. All rights reserved., source