04 Aug Endeavour on track for FY production guidance after record Q2
Endeavour Mining has reported record figures in its second quarter 2021 financial and operating results, amid the African gold producing giant’s recent premium listing on the London Stock Exchange.
Operating cash flow before working capital for Q2 was US$286 million, compared to $263 million in the previous quarter. This allowed Endeavour to declare an interim dividend of $70 million for the first half of the year.
On the operating side, the company’s Q2 gold production was up 18% on Q1 to 409,000 ounces, while all-In sustaining costs (AISC) for the quarter decreased to $853 per ounce. Total H1 production stands at 756,000 ounces at an AISC of $860 per ounce.
“Our strong Q2 performance positions us well to achieve the top half of our production guidance for the full year [1,365-1,495,000 ounces],” said president and CEO Sebastien de Montessus. “All our mines are continuing to perform well and we have quickly integrated the Teranga assets within our business.
Endeavour completed the acquisition of smaller West Africa-focused producer Teranga Gold in February 2021, and has spent the last six months consolidating the Sabodala-Massawa and Wahgnion mines in Senegal and Burkina Faso.
The company reported that the Phase 1 of Sabodala-Massawa’s expansion remains on track, and is expected to be completed in Q4 2021, while Definitive Feasibility Studies are progressing for the Phase 2 expansion, along with the Fetekro and Kalana projects in Côte d’Ivoire and Mali.