Endeavour Mining expects production in the current year (2024) to rise by around 18% due to an expansion of the Sabodala-Massawa mine and the new Lafique project coming on stream.
Production from ongoing mines totalled 1.07m oz of gold in 2023, said the Africa-focused miner, with the fourth-quarter output flat at 280,000oz.
However, this will rise to between 1.13-1.27m oz this year, said the statement.
Output in 2024 will be weighted towards the second half because of the ramping up at the new sites, said Ian Cockerill Endeavour’s new chief executive.
Cockerill took over as CEO three weeks following the abrupt departure of Sébastien de Montessus whose contract was terminated for serious misconduct after a US$5.9 million irregular payment.
The FTSE 100 group also announced a dividend of US$100 million for the second half of 2023, making US$200 million for the year in total and 14% above its minimum payout commitment.
Share buybacks over the year totalled US$66 million.
Cockerill stated: “On the operational front, we are pleased to have met production guidance for the eleventh consecutive year and to remain one of the lowest all-in sustaining cost producers within the sector, allowing us to generate robust cash flow to fund both our organic growth and shareholder returns programmes.”
Production at both Ity and Houndé in 2023 hit record levels of production, he added, while Sabodala-Massawa “is well positioned to produce up to 400,000 oz in 2024”.
“Our longer-term organic growth pipeline is equally attractive, following the delineation of a 4.5 million ounce indicated resource at our Tanda-Iguela greenfield property in Côte d’Ivoire.”