Dual-listed miner Endeavour Mining has achieved the top end of its production guidance with output of 1.4-million ounces and met its all-in sustaining cost (AISC) target of below $930/oz, despite the inflationary pressures impacting on the industry.

The strong operating performance generated more than $1-billion in operating cash flow, allowing Endeavour to fund its organic growth and improve its balance sheet strength with more than $120-million of net cash at year-end, CEO Sebastien de Montessus reported on Thursday.

Endeavour, which mines in Senegal, Côte d'Ivoire and Burkina Faso, contributed $400-million to its host countries through tax, royalty and minority interest dividend payments.

In addition, shareholders were rewarded with about $300-million in dividends and share buybacks to shareholders, equivalent to $212/oz of gold produced, which De Montessus pointed out was double the group’s minimum target for the year.

Endeavour posted adjusted net earnings of $451-million for the full year, down from $689-million a year earlier.

Meanwhile, the company reported good progress at its Sabodala-Massawa expansion, in Senegal, and the Lafigué greenfield, in Côte d'Ivoire. Both projects were on track for first production in 2024, with costs in line with expectations.

Endeavour will spend $400-million on growth capital in 2023, consisting of $170-million for the Sabodala-Massawa BIOX Expansion project and $230-million for the Lafigué project.

Total mine capital expenditure (capex) for 2023 is expected to remain consistent with that achieved in 2022 at about $370-million, consisting of $165-million for sustaining capex and $205-million for non-sustaining capex.

Endeavour is targeting production of between 1.33-million and 1.43-million ounces in 2023, at an AISC guidance of $1 315/oz to $1 400/oz.

“We have entered 2023 with considerable momentum and we look forward to continuing to deliver against our strategic objectives for the benefit of all our stakeholders,” said De Montessus.