JOHANNESBURG (miningweekly.com) – TSX- and ASX-listed Endeavour Mining produced a record 131 165 oz of gold in the second quarter, lifting output for the six months to June 30 to 254 909 oz.
“With great performance from our mines so far this year, we expect to achieve the upper end of our 475 000 oz to 500 000 oz production guidance range for the full year,” said CEO Neil Woodyer.
Endeavour holds an 85% interest in the Agbaou mine, in Côte d'Ivoire, which produced 40 509 oz of gold in the three months to June 30.
Its 90%-owned Nzema mine, in Ghana, produced 32 842 oz of gold in the quarter.
Further, its 80%-owned Tabakoto mine, in Mali, produced 39 574 oz of gold in the quarter under review, while its 90%-owned Youga mine, in Burkina Faso, contributed 18 241 oz.
“All-in sustaining costs (AISC) per ounce will be reported in the financial results to be released in late July; however, it is expected that our savings trend will continue and would be below our first-quarter costs of $946/oz and below our full-year $930/oz-to-$980/oz guidance range, as we benefit from favourable foreign exchange rates and fuel cost savings.
“These savings have contributed to the Tabakoto mine achieving AISC of less than $1 000/oz in the second quarter,” noted Woodyer.
The company ended the quarter with a cash balance of $52-million, with a $20-million principal payment made to further reduce the miner’s drawn amount on the revolving credit facility to $260-million.