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Economic / Operations
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Produce between 640,000–700,000 ounces of gold |
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Produced 723,532 ounces of gold |
| Deliver cash operating costs between $570–$615 per ounce |
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Cash operating costs of $552 per ounce |
| Deliver AISC between $960–$995 per ounce |
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AISC of $842 per ounce |
| Maintain gold reserves between 20 and 25 times the production rate |
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Gold reserves of ~25 million ounces, over 30 times the production rate |
| Continue to advance our development projects at Skouries and Olympias in Greece |
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Phase I at Olympias was completed in early 2016; while Skouries was put on care and maintenance in January 2016, development progressed throughout 2015 |
| Remain in the lowest quartile of industry cash costs |
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Our flat cash costs year-on-year continues to place us in the lowest quartile of industry cash costs |
| Maintain liquidity of no less than $200 million |
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Total liquidity of ~$668 million at year-end 2015 and rigorous planning, budgeting and forecasting processes in place |
| Maintain a debt-to-capital ratio of less than 30% |
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Debt-to-capital ratio of 10.8% |
| Pay a semi-annual dividend |
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Paid dividends of CDN$0.02/share |
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Health, Safety, Environment
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Zero fatalities |
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No fatalities in 2015 |
| Reduce our LTIFR |
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Reduced LTIFR to 1.03 from 1.38 in 2015 |
| Identify and mitigate safety risks |
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30% reduction in accident rates at our Chinese operations |
| Align sites’ management processes with MAC’s TSM Health and Safety protocol |
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All sites completed a full review throughout the year and found the existing safety management to be aligned with TSM at levels B and above |
| Work to align our site, regional and corporate-level crisis management communication plans with MAC’s TSM Crisis Management protocol |
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All sites reviewed and updated crisis management plans accordingly. Plans reflect TSM protocols |
| Have no reportable environmental incidents |
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No reportable environmental incidents occurred in 2015 |
| Become ICMC compliant at all our Chinese operations (Jinfeng, Tanjianshan and White Mountain) |
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Jinfeng and Tanjianshan received ICMC certification in January and December 2015 respectively. White Mountain made significant improvements in safe cyanide management and continues to benchmark its activities against the Cyanide Code protocols, but is currently prevented from achieving compliance because its cyanide supplier and transporter have opted not to become a signatory to the Code |
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Governance
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Align sites’ management processes with MAC’s TSM Tailings Management protocol |
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Gap assessments were completed; all sites have undergone third-party review |
| Improve the transparency of our commitment to health, safety and the environment by updating existing policies |
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Published updated policies in January 2016 |
| Improve the transparency of our commitment to human rights by formalizing a corporate policy |
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Published and distributed a human rights policy in January 2016 |
| Adhere to the World Gold Council’s Conflict-Free Gold Standard |
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All our operations continue to meet the Conflict-Free Gold Standard |
| Continue to be transparent by publishing annual reports to GRI guidelines |
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This is our fifth report which aims to incorporates elements of the Annual Reports as well |
| Maximize the value of our Chinese assets |
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Exploration of listing assets on Hong Kong Stock Exchange or sale of assets ongoing |
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Community
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Continue to treat our host communities with respect and deliver tangible and ongoing benefits |
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Donations and community spending totalled $6.5 million in 2015 |
| Expand our channels of engagement with stakeholders |
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Development of our sustainability blog and social media platforms |
| Align sites’ management processes with MAC’s TSM Aboriginal and Community Outreach protocol |
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All sites have management processes for community outreach and completed assessments of these processes against the TSM protocol with results indicating a B or better rating |