Endeavour Mining Q2 earnings at $183 mln, gold output up 18%

West Africa-focused gold miner Endeavour Mining, whose largest shareholder is Egyptian telecoms billionaire Naguib Sawiris, reported a 18 percent growth in production for the second quarter of the year compared to previous quarter.

Production rose to 409,000 ounces in the second quarter of 2021, the company’s financial results released on August 4 showed.

Endeavour attributed the growth in second-quarter production to the successful integration of the Teranga assets within the company’s business, reoperation of Boungou Gold Mine in Burkina Faso and the outperformance in Houndé Gold Mine.

“Our strong Q2 performance positions us well to achieve the top half of our production guidance for the full year, as all our mines are continuing to perform well and we have quickly integrated the Teranga assets within our business.” Sebastien de Montessus, chief executive of Endeavour, said.

Adjusted net earnings reached $183 million or $0.73/share for the second quarter, and $276 million or $1.20/share for the first half.

The strong first half performance of 756,000 ounces at an AISC of $860/oz positions Endeavour well to meet the top-half of its production guidance of 1,365-1,495koz at an AISC of $850-900/oz for the financial year 2021.

Operating cash flows before changes in working capital from continuous operations have amounted to around $286 million or $1.13/share for the second quarter, and $549 million or $2.39/share for the first half of the year.