(Kitco News) - Endeavour Mining (TSX: EDV) announced today that its Q3 2022 production from continuing operations amounted to 343koz, stable over Q2 2022 (345koz) and down 5% compared to Q3 2021 (362koz).
The company's Q3 2022 all-in sustaining costs (AISC) amounted to $960 per ounce sold, stable over Q2 2022 ($954 per ounce) and 8% higher than in Q3 2021 ($885 per ounce).
According to a press release, the company is well positioned to achieve the top-end of FY2022 group production guidance of 1,315-1,400koz at an AISC guidance of $880-930 per ounce for continuing operations.
The company's revenue decreased by $62.0 million from $629.6 million in Q2 2022 to $567.6 million in Q3 2022 mainly due to a lower realized gold price in Q3 2022 of $1,679 per ounce compared to $1,832 per ounce for Q2 2022 and lower production and sales from Houndé and Mana.
Endeavour noted that its net comprehensive earnings from continuing operations decreased by $137.4 million from $204.5 million in Q2 2022 to $67.1 million in Q3 2022.
The company explained that the decreased earnings are attributed to lower gold sales, higher depreciation, higher taxes, and a lower gain on financial instruments compared to the prior period.
Net earnings attributable to shareholders were $58 million n Q3 2022, compared to net earnings of $189 million in Q2 2022 and net earnings of $122 million in Q3 2021.
President and CEO Sebastien de Montessus commented, "Our strong operating performance for the first nine months of the year positions us well to deliver full year production at the top end of our guided range and costs within the guided range. This will mark our 10th consecutive year of achieving or exceeding our guidance; a record that we are extremely proud of, and a strong reflection of the resilience of our business.
"Our growth projects are progressing well with the expansion of our flagship Sabodala-Massawa mine on schedule and on budget as work starts to ramp up. Furthermore, we recently launched the construction of our next cornerstone asset, the Lafigué project on the Fetekro property, where early works are gathering pace. Our growth projects will increase gold production by approximately 30% from 2024 and further enhance our geographic diversification, whilst solidifying our position as a leading high-margin and low cost producer."
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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