10th Nov 2022 10:51
(Alliance News) - Endeavour Mining PLC on Thursday reported that profit, gold production and the average realised selling price for the precious metal declined in the third quarter.
The gold producer, with assets in Burkina Faso and Ivory Coast, said pretax profit in the third quarter to September 30 fell 25% to GBP132.2 million from GBP177.1 million a year prior. Revenue contracted by 14% to GBP567.6 million from GBP657.4 million.
Endeavour's realised gold price per ounce decreased by 5.0% to USD1,679 at September 30 from USD1,768 a year ago. The company produced 343,000 ounces of gold in the quarter, down 5.2% from 362,000 a year ago.
At its Boungou gold mine in Burkina Faso, gold production fell by 35% to 90,000 ounces in the first nine months of 2022 from 139,000 a year ago.
"Mining activities were reduced in order to manage production through supply chain delays," Endeavour said.
Looking ahead regarding its Boungou mine, Endeavour expects 2022 production to be below its guided 130,000 to 140,000 range of ounces of gold and for its all-in sustaining costs to widen above the USD900 to USD1,000 per ounce range.
In the third quarter, all-in sustaining costs were trimmed by 22% to USD716 per ounce from USD921 a year ago.
Meanwhile, the company said it is well positioned to reimburse a USD330 million convertible bond due in February.
Endeavour Mining shares fell 3.3% to 1,599.00 pence each in London on Thursday morning.
By Tom Budszus; [email protected]
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