6th Mar 2025 11:10
(Alliance News) - Endeavour Mining PLC on Thursday said it swung to a pretax profit from loss in the fourth quarter, as it reported increased revenue for 2024 on rising gold prices.
The London-based gold miner in West Africa said in the three months to the end of December it swung to a pretax profit of USD99 million from a loss of USD82 million in the previous year.
In the same period, revenue surged 63% to USD941 million from USD589 million in the final quarter of the previous year.
Across the full-year, pretax profit narrowed to USD114 million from USD254 million in 2023. Revenue climbed 27% to USD2.68 billion from USD2.12 billion.
Operating expenses grew 28% to USD1.01 billion from USD787 million, while depreciation and depletion costs climbed 36% to USD609 million from USD448 million in 2023.
The miner said gold production was up 30% in the fourth quarter to 363,000 ounces from 280,000 ounces in the final period of 2023.
Gold production increased 2.9% in the full-year to 1.10 million ounces from 1.07 million ounces in 2023.
Gold sales grew 25% to 356,000 ounces in the fourth quarter from 285,000. In the full-year, gold sales advanced 1.4% to 1.10 million ounces from 1.08 million ounces in the previous year.
The realised gold price was USD2,590 per ounce in the fourth quarter, an increase of 33% from USD1,945 per ounce in the prior year.
In 2024, Endeavour Mining said the realised gold price rose 22% to USD2,349 per ounce from USD1,919 in 2023.
The all-in sustaining cost for the quarter was USD1,141 per ounce, up 20% from USD947 per ounce. In the full-year, the all-in sustaining cost rose 26% to USD1,218 per ounce from USD967 per ounce in 2023.
Chief Executive Officer Ian Cockerill said: "2024 was another year of robust operational performance...increasing our annual production and solidifying our position as one of the sector’s lowest-cost producers.
"We further strengthened our portfolio, adding two high-margin growth projects in Senegal and Côte d'Ivoire, both of which were delivered on budget and on time. These will help to grow our production profile, improve costs and extend mine-life visibility, increasing both the quality and diversification of our portfolio."
The firm said USD37.0 million of share buybacks were conducted during 2024, including USD8.0 million in the fourth quarter.
Endeavour said USD21.8 million of shares have been repurchased in 2025 so far, up 69% compared to the same period last year.
"The increased commitment to share buybacks is expected to continue subject to gold price and operational performance," Endeavour said.
The company said its 2024 total dividend was an annual record of USD240.0 million, or around USD0.98 per share. It has committed to a minimum dividend of USD225.0 million in 2024, which it expects to supplement with "both additional dividends and increased opportunistic share buybacks".
Looking ahead, Endeavour reiterated its 2025 production and cost guidance at between 1.11 million to 1.26 million ounces of gold production at an all-in sustaining cost of between USD1,150 to USD1,350 per ounce.
"This year we will prioritise maximising free cash flow generation to support our increased commitment to shareholder returns," Chief Executive Officer Ian Cockerill said.
"Whilst we remain focused on free cash flow in the near-term, we retain a strong platform for further growth, with the pre-feasibility study for the Assafou project, that was completed in December, confirming the project’s potential to be a tier-1 asset and underpinning the group's production growth to 1.5 million ounces by the end of the decade. As we advance the definitive feasibility study towards completion before early 2026, we are advancing exploration at the highly prospective, 20-kilometre long, Assafou corridor and at several nearby satellite targets."
Endeavour Mining shares were down 0.3% to 1,587.00 pence in London on Thursday morning.
By Michael Hennessey, Alliance News reporter
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