SETTING THE PRIORITY ON NEW GROWTH OPPORTUNITIES
Mandalay experienced a challenging 2016. Coming off a record 2015 in which the Company produced 166,679 ounces of gold equivalent from its Costerfield, Cerro Bayo, and Björkdal mines, the Company produced 145,497 ounces of gold equivalent in 2016, our third highest amount, but down 13% year-over-year.
The Company generated its second highest annual revenue of $185.5 million (5% lower than the record $194.5 million of the previous year) and paid out its second highest dividends of $11.8 million, in keeping with our dividend policy of paying out quarterly dividends of 6% of trailing quarterly revenue. Our revenue performance in 2016 came during a year in which average gold and silver prices rose 8% and 9% year-over-year, respectively, while the average antimony price fell 10% year-over-year.
2016 Annual Report Content Centre contains Forward-Looking Information. Please refer to the Company's disclaimer concerning Forward-Looking Information found in its Investor Presentation and Risk Factors found in its Annual Information Form filed on SEDAR on March 31, 2017.