West Africa-focused Endeavour reports record Q2 output
TORONTO (miningweekly.com) – TSX- and ASX-listed Endeavour Mining, which produces gold from four mines in West Africa, on Thursday reported record output for the three months ended June.
Vancouver-based Endeavour reported second-quarter output of 131 166 oz of gold, a 6% improvement quarter-over-quarter.
For the six months, the company produced 254 909 oz.
Endeavour ended the quarter with $52-million cash in the bank.
The company said that based on the strong results in the period, it made a $20-million principal payment earlier on Thursday to further reduce the drawn amount on the revolving credit facility to $260-million.
"With great performance from our mines so far this year, we expect to achieve the upper end of our 475 000 oz to 500 000 oz gold production guidance range for 2015,” CEO Neil Woodyer said.
He expected that the company would report all-in sustaining costs (AISC) per ounce below the reported first-quarter cost of $946/oz and below the full-year guidance of between $930/oz to $980/oz, as operations benefited from favourable foreign exchange rates and fuel cost savings.
These savings had contributed to the Tabakoto mine, in Mali, achieving AISC of less than $1 000/oz in the period.
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