Endeavour says net earnings jump 389% on strong gold production in first quarter
(Kitco News) - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) announced Thursday that its Q1 2021 gold production was a record 334,262 ounces, a 102% growth over Q1 2020 and on track to meet the full-year guidance from continuing operations of 1,350,000 - 1,475,000 ounces.
Revenues for the quarter ended March 31, 2021 were $635.8 million, which generated $217.7 million in earnings from mine operations, which was an increase of $409.5 million and $145.5 million, respectively, over Q1 2020. The increases are due to the acquisition of the Mana, Boungou, Wahgnion and Sabodala-Massawa mines subsequent to Q1 2020.
Operating cash flows before changes in working capital for the quarter ended Q1 2021 amounted to $265.3 million, or $1.28 per share, an increase of $169.9 million and $0.41 compared to Q1 2020. Operating cash flows after changes in working capital from all operations were $206.7 million, or $0.99 per share, an increase of $106.8 million and $0.09 per share compared to Q1 2020.
Net comprehensive earnings attributable to shareholders of $94.7 million or basic earnings per share of $0.46 for the quarter ended March 31, 2021 increased compared to net comprehensive income of $19.4 million or basic earnings per share of $0.18 in Q1 2020.
President and CEO Sebastien de Montessus commented, "Over the past twelve months we have significantly transformed our company into a resilient business capable of rewarding our shareholders through the cycle. This quarter's strong performance demonstrates the quality of our enhanced portfolio of operating mines, following the successful integration of the Teranga assets within our business."
Endeavour Mining is one of the world's senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d'Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.