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(Alliance News) - Endeavour Mining PLC on Thursday reported a steep fall in annual profit for 2022, amid lower gold sales and higher operating costs.
The gold miner, with assets in nations including Senegal and Burkina Faso, said pretax profit in 2022 fell to USD145 million, sharply missing UBS analyst forecasts, from USD448 million posted for 2021. UBS analysts estimated a pretax profit of USD610 million for 2022.
Endeavour Mining shares fell 6.0% to 1,589.00 pence each in London on Thursday morning.
Revenue fell to USD2.51 billion, in line with forecasts by UBS analysts, from USD2.78 billion in 2021.
Endeavour's all-in sustaining cost per ounce increased by 7.4% to USD928 from USD864. Total all-in costs widened 21% to USD223.8 million from USD185.3 million. Meanwhile, Endeavour's realised gold price increased by only 1.5% to USD1,807 per ounce from USD1,781 in 2021.
At its Hounde mine in Burkina Faso, production grew to 295,000 ounces of gold in 2022 from 293,000 ounces in 2021. For 2023 however, the company expects this to drop to between 270,000 and 285,000 ounces.
Further, Endeavour Mining anticipates 2023 non-sustaining capital expenditure to fall to USD35.0m from USD39.2 million in 2022. It expects the total mine capital expenditure to be similar to 2022.
By Tom Budszus, Alliance News reporter
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