Endeavour Mining expects higher gold output amid interim earnings fall

(Alliance News) - Endeavour Mining PLC on Wednesday reported a decline in earnings and gold production, but said it expects full-year output to beat that of last year.

The London-based miner said earnings before interest, tax, depreciation and amortisation fell 21% to USD349 million in the first half of 2024 from USD441 million a year prior.

Gold output decreased 8.0% to 470,000 ounces from 511,000 ounces. Helping to offset this, realised gold price per ounce rose 13% to USD2,167 from USD1,914.

Looking ahead, Endeavour Mining expects to remain on track to achieve its production guidance of 1.13 million to 1.27 million ounces, at least 5.4% higher than 1.07 million ounces produced in 2023.

At the Hounde mine in Burkina Faso, the company said it will achieve its 2024 production guidance of 260,000 to 290,000 ounces of gold in 2024, at least 7.1% lower than 312,000 ounces it had reported for 2023. It added that 2024 will be strongly second half-weighted.

Endeavour Mining shares were 0.5% higher at 1,748.00 pence each on Wednesday morning in London.

By Tom Budszus, Alliance News slot editor

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