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Endeavour Mining Q2 gold output jumps 33%

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Endeavour Mining Corp. (TSE:EDV), a gold producer focused on Africa, posted a 33 percent increase in gold production during the second half and said it has implemented steps to lower operating costs.

Total gold production in the three months ended June 30 was 75,421 ounces, the George Town, the Cayman Islands-based company said in a statement on Wednesday. That compared with a total gold production of 50,728 ounces in the year-earlier period.

Endeavour, which is scheduled to release its second-quarter earnings results in mid-August, said cash costs during the second quarter are expected to be in the same range as the first quarter. It anticipates cash costs in the second half of this year to be between $790 and $820 per ounce for an approximate 10 percent unit cost reduction during the year.

Endeavour, which owns three gold mines producing more than 300,000 ounces per year in Mali, Ghana and Burkina Faso, said it has enhanced its financial flexibility by increasing its revolving corporate loan facility from $200 million to $350 million, with the term extended to five years.

Endeavour shares dropped 1.4 percent to 70 Canadian cents at 3:38 p.m. in Toronto on Wednesday, giving the company a market value of C$284 million. The stock has surrendered 65 percent this year through Tuesday.

 

 

Quick facts: Endeavour Mining Corp

Price: 31.63 CAD

TSX:EDV
Market: TSX
Market Cap: $3.51 billion
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