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Endeavour Mining produces 1.4Moz of gold in 2022, achieves top end of 2022 guidance

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(Kitco News) - Endeavour Mining (TSX: EDV) reported today that its FY-2022 production from continuing operations amounted to 1,400koz of gold (2021: 1,436koz), achieving the top end of the guided 1,315-1,400koz range.

The company said that 2022 all-in sustaining costs amounted to ~$928/oz (2021: $882/oz), achieving the guided $880-930/oz range in spite of industry-wide inflationary pressures.

In a press release, Endeavour noted that production out-performance is mainly due to the Houndé and Ity mines which benefitted from higher than planned throughput, and the Mana mine where higher than expected open pit mining tonnages were extracted from the Wona open pit prior to its depletion.

Importantly, the company said that inflationary pressures on costs were partially offset by favourable foreign exchange movements as the Euro declined against the Dollar as well as group-wide optimisation initiatives.

The company also declared H2-2022 dividend of $100 million, totaling $200 million for FY-2022 which is 33% above the minimum committed dividend.

Endeavour said that its production guidance for FY-2023 amounts to 1,325-1,425koz, which marks an increase over the FY-2022 guidance of 1,315-1,400koz, while group AISC is expected to remain consistent with that achieved over recent quarters at $940-995/oz. Group production is expected to be more heavily weighted towards H2-2023.

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 portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

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