Endeavour Mining, a leading West-Africa-focused gold miner, sets sights on free cash flow and organi

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Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) told investors it had a strong third quarter, putting the gold miner on pace to beat the top end of its 1.5 million ounce (Moz) full year production forecast with all-in-sustaining-costs (AISC) within its guided range of between US$850 and US900 per ounce.

West Africa’s largest gold producer generated 382,000 ounces from across its seven mines in the three months to September 30, up from 244,000 ounces in the year-earlier quarter, at an AISC of US$904 per ounce versus US$906 per ounce in 3Q, 2020.

The miner realized gold prices of US$1,763 per ounce in the quarter, down from US$1,841 in the year-ago period, while revenue came in at US$692 million, up from US$435 million in 3Q, 2020, but down from the US$753 million seen in the second quarter of this year, mainly due to lower gold sales at its Ity, Karma and Wahgnion mines, it said in a statement.

The group’s operating cash flow before working capital was US$326million (3Q, 2020: US$195 million) and earnings before taxes were US$173 million, compared to US$75 million in the prior year quarter.

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