Gold miner Endeavour Mining has declared a $100-million dividend for the second half of 2022, bringing the full year distribution to $200-million.

The company announced on January 23 that the dividend was 33% above the minimum committed dividend it had to pay out, reflecting the company’s robust cash flow generation ability.

Additionally, Endeavour continued with its share buyback programme in the fourth quarter of last year, buying $24-million worth of shares and bringing the full-year share buyback amount to $99-million.

The company’s distribution and share buybacks for the year represent a return to shareholders of $212/oz of gold produced.

The company ended the year with $121-million of net cash on hand.

Endeavour produced 1.4-million ounces of gold in 2022, compared with 1.43-million ounces in 2021, marking its tenth consecutive year of achieving or exceeding guidance.

The company’s all-in sustaining cost (AISC) averaged $954/oz in the year under review.

The gold production guidance for 2023 has been set at between 1.32-million and 1.42-million ounces, at an industry-leading AISC of between $940/oz and $995/oz, despite the inflationary pressures impacting the mining industry.

Endeavour produces gold from the Boungou, Mana, Wahgnion and Houndé mines, in Burkina Faso; the Ity mine, in Côte d’Ivoire; and the Sabodala-Massawa mine, in Senegal.

Meanwhile, the company’s Sabodala-Massawa expansion project, as well as the  Lafigué greenfield project construction, on the Fetekro property, in Côte d'Ivoire, are progressing well. 

CEO and president Sebastien de Montessus says the projects are on track for first production in 2024.

The company has set an exploration budget of $70-million for 2023, with the key focus area being the new Tanda-Iguela discovery. This while growth capital spend is expected to amount to $400-million, including $170-million for the Sabodala-Massawa project and $230-million for the Lafigué project.

De Montessus has confirmed that Endeavour executive VP and CFO Joanna Pearson will step down in March. She will be succeeded by Guy Young as CFO, who joins Endeavour from molten metal engineering and technology group Vesuvius, where he has served as CFO since 2015.