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HomeNewsEndeavour Mining on track to hit targets after solid third quarter

Endeavour Mining on track to hit targets after solid third quarter

West Africa-focused gold miner Endeavour Mining said it remains on track to meet guidance this year after a decent third quarter, with an even stronger performance expected in the fourth quarter.

The company, which operates across Burkina Faso, Côte d’Ivoire, Mali and Senegal, produced 281 thousand ounces (koz) of gold in the three months to 30 September, flat on last year but up from 268koz in the second quarter.

So-called ‘all-in sustaining costs’ (AISC) were at an “industry-low” $967/oz in the third quarter, Endeavour said, down from $1,000/oz in the second quarter.

Meanwhile, the realised gold price was $1,903/oz, down from $1,947/oz in the second quarter but up from $1,748/oz a year earlier.

As such, revenues totalled $530m, up from $467m the year before, while adjusted EBITDA improved to $263m from $253m.

The company still expects to mine 1,060koz to 1,135koz of gold over 2023 as a whole, but said that group AISC is expected to be near the top end of the guided $895/oz to $950/oz range.

“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 Q4 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,” said chief executive and president Sebastien de Montessus.