Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) profits jumped 79% in 2021 on record gold production following the acquisition of new mines and said it was confident for the current year.
“We have entered 2022 with considerable momentum and we expect to deliver another strong year for the group,” said president and chief executive Sebastien de Montessus.
Adjusted net earnings grew to US$577mln from US$323mln in 2020 as revenue from continuing operations almost doubled to US$2.8bn.
Revenue was boosted by the acquisition of the Wahgnion and Sabodala-Massawa mines, which contributed a total US$926mln, and the inclusion of the Boungou and Mana mines for the full year.
Endeavour produced 1.54mln ounces of gold in 2021, up 69% on the previous year, its ninth consecutive year of achieving or beating annual production guidance.
It lowered its gold production guidance for this year to between 1.315mln and 1.400mln ounces, from the previous range of 1.4mln to 1.5mln ounces, to take into account the previously announced sale of its non-core Karma mine.
READ: Endeavour Mining sells Karma mine in Burkina Faso to Néré Mining