Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) reiterated its production target for the current year as the Africa-focused gold miner’s output recovered in the second quarter.
The FTSE 100 group produced 268,000oz in the latest three months against 292,000oz a year ago, but up by 2% on the previous quarter.
“On the operational front, we are on track to meet our full-year guidance for the eleventh consecutive year with our performance expected to increase into the second half of the year in light of the efforts over the past six months,” said Sebastien de Montessus, chief executive.
Endeavour’s current guidance is for between 1,060-1,135oz at an all-in-sustaining cost of US$895-950/oz.
Revenues in the half year dipped to US$1.01 billion (US$1.1 billion) with pretax tax earnings of US$207 million (US$294 million).
The interim dividend is US$100 million, which Endeavour added was US$25 million more than its minimum payout commitment for the year.
The Boungou and Wahgnion mines have now been sold, said de Montessus, with the Tanda-Iguela discovery in Côte d’Ivoire slated to fill the gap.
An exploration programme here has already drilled over 95,000 metres (m) this year, but Endeavour has now upped the programme to 180,000m with a resource update scheduled for later in 2023.