London- and Toronto-listed Endeavour Mining delivered its strongest quarterly performance this year in the third quarter ended September 30, producing 281 000 oz at an all-in sustaining cost (AISC) of $967/oz.
“On the operational front, in light of the efforts made over the first half of the year, our third quarter saw the strongest performance so far this year, and we expect the fourth-quarter performance to be even stronger, which positions us well to meet full-year production guidance for the eleventh consecutive year and maintain our status as one of the lowest cost gold producers in the sector,” president and CEO Sebastien de Montessus says.
The company’s mines in Burkina Faso and Côte d’Ivoire delivered a combined 792 000 oz of gold for the nine months to September 30.
Endeavour expects to meet its full-year guidance of between 1.06-million and 1.14-million ounces of gold at an AISC of between $895/oz and $950/oz.
Revenue increased to $530-million in the third quarter, on the back of higher gold sales, while adjusted net earnings for continuing operations increased to $69.5-million.
The gold miner reports that its growth projects also remain on track, with capital expenditure (capex) of $292.5-million spent in the year-to-date out of planned capex of $400-million for the full year.
“Looking ahead, we expect 2024 to be a strong year for Endeavour, as the brownfield expansion of Sabodala-Massawa and the Lafigué development project both remain on budget and on track to be commissioned next year,” De Montessus says.
The Sabodala-Massawa expansion is due to start up in the second quarter of next year and the Lafigué project in the third quarter.