Strategic Priorities
2014 PERFORMANCE AND 2015 TARGETS
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Operational Excellence Being a low-cost business that consistently delivers on guidance is integral to investor confidence. We have reported record production each year for the past three years while maintaining some of the lowest cash operating costs among our peer group. |
■ Produce between 730,000–800,000 oz of gold ■ Deliver cash operating costs between $550–$590 per ounce ■ Deliver AISC between $915–$985 per ounce ■ Maintain gold reserves between 20 and 25 times the production rate ■ Improve reserves and resources per share |
Achieved ■ Produced 789,224 oz of gold ■ Cash operating costs of $500 per ounce ■ AISC of $779 per ounce ■ Gold reserves of 26 million ounces Not achieved Reserves per share: Resources per share: Reserves and resources stated in thousands of ounces. Resources are inclusive of reserves. |
■ Produce between 640,000–700,000 oz of gold ■ Deliver cash operating costs between $570–$615 per ounce ■ Deliver AISC between $960–$995 per ounce ■ Maintain gold reserves between 20 and 25 times the production rate ■ Continue to advance our development projects at Skouries and Olympias in Greece ■ Begin implementation of a select number of Towards Sustainable Mining protocols from the Mining Association of Canada |
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Capital Discipline Having the financial flexibility to sustain and grow our business is fundamental. Disciplined capital allocation drives every business decision we make. |
■ Maintain a significant liquidity to support our ongoing operations and expansion plans ■ Maintain a strong balance sheet ■ Exercise prudent financial management ■ Maintain a semi-annual dividend |
Achieved ■ Total liquidity of ~$875 million at year end 2014 ■ Debt-to-capital ratio of 10.8% at year end ■ Rigorous planning, budgeting and forecasting processes in place ■ Paid dividends of CDN$0.02/share |
■ Remain in the lowest quartile of industry cash costs ■ Maintain liquidity of no less than $200 million ■ Maintain a debt-to-capital ratio of less than 30% ■ Pay a semi-annual dividend |
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Accountability Our reputation for doing business honestly, respecting our neighbours, minimizing our environmental impacts and keeping our people safe is essential to the sustainability of our business. |
■ Reduce our Lost-Time Incident Frequency Rate (LTIFR) ■ Have no reportable environmental incidents ■ Become International Cyanide Management Code (ICMC) compliant at one or more of our Chinese operations by 2015 |
Achieved ■ Reduced LTIFR to 1.44 from 1.85 in 2013 ■ No reportable environmental incidents occurred in 2014 Partially achieved ■ Jinfeng was audited by ICMC authorities in late 2014. Certification was received in early 2015. |
■ Identify and mitigate environmental and safety risks ■ Reduce our LTIFR ■ Finish ICMC roll-out at our Chinese operations |
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Building Value We are committed to building value for all those invested in us – from shareholders to community members. |
■ Invest approximately 1% of pre-tax revenues in direct initiatives in the local communities where we operate ■ Review small-scale acquisition opportunities suited to our technical skills and experience |
Achieved ■ Donations and community spending totalled $6.5 million in 2014 ■ Acquisition of Glory Resources added approximately 475,000 oz of gold to our resource base in Greece |
■ Maximize the value of our Chinese assets ■ Continue to treat our host communities with respect and deliver tangible and ongoing benefits ■ Expand our channels of engagement with stakeholders |
|
Operational Excellence Being a low-cost business that consistently delivers on guidance is integral to investor confidence. We have reported record production each year for the past three years while maintaining some of the lowest cash operating costs among our peer group. |
■ Produce between 730,000–800,000 oz of gold ■ Deliver cash operating costs between $550–$590 per ounce ■ Deliver AISC between $915–$985 per ounce ■ Maintain gold reserves between 20 and 25 times the production rate ■ Improve reserves and resources per share |
|
Capital Discipline Having the financial flexibility to sustain and grow our business is fundamental. Disciplined capital allocation drives every business decision we make. |
■ Maintain a significant liquidity to support our ongoing operations and expansion plans ■ Maintain a strong balance sheet ■ Exercise prudent financial management ■ Maintain a semi-annual dividend |
|
Accountability Our reputation for doing business honestly, respecting our neighbours, minimizing our environmental impacts and keeping our people safe is essential to the sustainability of our business. |
■ Reduce our Lost-Time Incident Frequency Rate (LTIFR) ■ Have no reportable environmental incidents ■ Become International Cyanide Management Code (ICMC) compliant at one or more of our Chinese operations by 2015 |
|
Building Value We are committed to building value for all those invested in us – from shareholders to community members. |
■ Invest approximately 1% of pre-tax revenues in direct initiatives in the local communities where we operate ■ Review small-scale acquisition opportunities suited to our technical skills and experience |
|
Operational Excellence Being a low-cost business that consistently delivers on guidance is integral to investor confidence. We have reported record production each year for the past three years while maintaining some of the lowest cash operating costs among our peer group. |
Achieved ■ Produced 789,224 oz of gold ■ Cash operating costs of $500 per ounce ■ AISC of $779 per ounce ■ Gold reserves of 26 million ounces Not achieved Reserves per share Resources per share 2014: 36.2 oz 2014: 49.4 oz 2013: 38.7 oz 2013: 50.8 oz Reserves and resources stated in thousands of ounces. Resources are inclusive of reserves. |
|
Capital Discipline Having the financial flexibility to sustain and grow our business is fundamental. Disciplined capital allocation drives every business decision we make. |
Achieved ■ Total liquidity of ~$875 million at year end 2014 ■ Debt-to-capital ratio of 10.8% at year end ■ Rigorous planning, budgeting and forecasting processes in place ■ Paid dividends of CDN$0.02/share |
|
Accountability Our reputation for doing business honestly, respecting our neighbours, minimizing our environmental impacts and keeping our people safe is essential to the sustainability of our business. |
Achieved ■ Reduced LTIFR to 1.44 from 1.85 in 2013 ■ No reportable environmental incidents occurred in 2014 Partially achieved ■ Jinfeng was audited by ICMC authorities in late 2014. Certification was received in early 2015. |
|
Building Value We are committed to building value for all those invested in us – from shareholders to community members. |
Achieved ■ Donations and community spending totalled $6.5 million in 2014 ■ Acquisition of Glory Resources added approximately 475,000 oz of gold to our resource base in Greece |
|
Operational Excellence Being a low-cost business that consistently delivers on guidance is integral to investor confidence. We have reported record production each year for the past three years while maintaining some of the lowest cash operating costs among our peer group. |
■ Produce between 640,000–700,000 oz of gold ■ Deliver cash operating costs between $570–$615 per ounce ■ Deliver AISC between $960–$995 per ounce ■ Maintain gold reserves between 20 and 25 times the production rate ■ Continue to advance our development projects at Skouries and Olympias in Greece ■ Begin implementation of a select number of Towards Sustainable Mining protocols from the Mining Association of Canada |
|
Capital Discipline Having the financial flexibility to sustain and grow our business is fundamental. Disciplined capital allocation drives every business decision we make. |
■ Remain in the lowest quartile of industry cash costs ■ Maintain liquidity of no less than $200 million ■ Maintain a debt-to-capital ratio of less than 30% ■ Pay a semi-annual dividend |
|
Accountability Our reputation for doing business honestly, respecting our neighbours, minimizing our environmental impacts and keeping our people safe is essential to the sustainability of our business. |
■ Identify and mitigate environmental and safety risks ■ Reduce our LTIFR ■ Finish ICMC roll-out at our Chinese operations |
|
Building Value We are committed to building value for all those invested in us – from shareholders to community members. |
■ Maximize the value of our Chinese assets ■ Continue to treat our host communities with respect and deliver tangible and ongoing benefits ■ Expand our channels of engagement with stakeholders |