Endeavour Mining's (TSE:EDV) (ASX:EVR) (OTCQX:EDVMF) shares rallied on Wednesday after the gold miner reported strong second quarter production, saying it expects to hit the upper end of its forecast for full year output.
The Canadian gold miner, which produces more than 400,000 ounces per year from four mines in West Africa, said it produced 122,517 gold ounces in the second quarter, up from 105,912 ounces in the first quarter.
Each of Endeavour's four mines either achieved or exceeded key operating parameters, according to the Vancouver-based company's statement released late Tuesday.
"Agbaou and Nzema are performing above expectations and Tabakoto is now positioned to have a strong second half of 2014 as we are ramping up ore production from the new Segala underground mine," said CEO Neil Woodyer in the release.
"With the solid performance from our mines so far this year, we consider that we will be at the upper end of our 400,000 to 440,000 ounce gold production guidance range for 2014."
Endeavour also said it expects its second quarter all-in sustaining costs per ounce will be improved as compared to $1,059 an ounce in the first quarter. All-in and cash costs will be reported in the company's full second quarter financial results in August.
Shares of the West Africa-focused gold miner added almost 8 percent to 95 Canadian cents as of 11:20am ET on Wednesday in Toronto.