Endeavour produces record 1.54Moz in 2021
West Africa-focused miner Endeavour Gold has reported record production of 1.54-million ounces in 2021, beating the top-end of its guided 1.37-million to 1.50-million ounces, owing to a strong performance at the Hounde, Ity, Sabodala-Massawa and Mana mines.
All-in sustaining costs (AISC) were also kept in the guided range at $885/oz, despite inflationary pressures, the TSX- and LSE-listed miner reported on Thursday.
“After the rapid and successful integration of the Teranga and Semafo assets, we were able to achieve a record year with production in excess of 1.5-million ounces, ensuring we have now met or exceeded guidance for the ninth consecutive year,” said president and CEO Sebastien de Montessus.
The group’s strong operating performance generated $1.2-billion in operating cash flow, which delivered robust shareholder returns while improving its net cash position.
De Montessus said that, since starting its shareholder returns programme, marked by the first dividend payment in early 2021, Endeavour had already returned $338-million by way of dividends and buybacks.
On the balance sheet front, the company had re-established a strong net cash position after absorbing about $330-million of net debt following the Teranga acquisition.
Endeavour reported adjusted net earnings of $323-million for the year, a 79% year-on-year improvement.
The company, which on Wednesday announced the appointment of Srinivasan Venkatakrishnan and Ian Cockerill, both former executives of South Africa-based majors, to its board has lowered its full-year guidance following the sale of its noncore Karma mine. The 2022 guidance for continuing operations now amounts to 1.32-million to 1.4-million at an AISC $880/oz to $930/oz.
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