Photo by: Bloomberg
TORONTO (miningweekly.com) – West Africa-focused gold producer Endeavour Gold has reported higher earnings attributable to shareholders as a result of improved sales and lower costs, which were somewhat offset by lower metals prices.
For the three months ended March 31, the Vancouver-based corporation reported net earnings of $9-million, or $0.02 a share, compared with $5-million, or $0.01 a share, in the prior comparable period.
Revenues rose 11% year-over-year to $152-million, up from 137.2-million in the 2014 quarter, driven higher by 124 850 oz of gold sold, an improvement of 12%.
TSX- and ASX-listed Endeavour reported operating earnings before interest, taxes, depreciation and amortisation of $44.9-million for the quarter, an increase compared with $36.1-million achieved for the same period last year.
Gold output from its four operating mines was 123 744 oz, up 17% compared with the 105 912 oz in the first quarter of 2014.
Endeavour noted that its all-in sustaining cost (AISC) during the three-month period was $946/oz, which continued to improve in the current period, which was on track for its stated goal of an AISC below $1 000/oz and the full year guidance of between $930/oz and $980/oz of gold sold.
At the company’s 80%-owned Tabakoto gold mine, in Mali, the operations team delivered a strong start to the year with the new Kofi C openpit delivering the expected higher-grade ore to the Tabakoto plant. AISC at Tabakoto decreased significantly from $1 373/oz in the fourth quarter of 2014 to $1 127/oz for the period under review.
Endeavour’s 90%-owned Agbaou mine, in Côte d'Ivoire, continued to outperform expectations, producing 45 323 oz of gold at an AISC of $577, above the production target and below guidance in AISC.
The company expected to deliver full-year production of 475 000 oz to 500 000 oz of gold.