Endeavour Silver outperforms mine plans
Dual-listed Endeavour Silver has raised its 2022 guidance, as the miner continues to outperform its mine plans, delivering an “exceptional” second-quarter production performance that was 15% above plan.
The company increased its production outlook to between 7.6-million and 8-million silver-equivalent ounces.
CEO Dan Dickson says that the additional production has allowed Endeavour to maintain its cost guidance on per-ounce metric, but stresses that industry-wide inflation continues to be a challenge.
“We are seeing the largest inflationary impacts on energy costs, plant reagents and steel prices, which are affecting both operating and development costs. Cost control will continue to be a key focus as cost pressures are expected to continue for the remainder of the year,” says Dickson.
Meanwhile, for a second quarter, Endeavour decided to withhold sale of a meaningful amount of silver, owing to the drop in prices. The company is holding 1.6-million silver-equivalent ounces in finished goods inventory for future sales. The market value of the finished goods was $34.5-million at the end of June.
In the short term, the increased inventory has negatively impacted on quarterly financial metrics, such as revenue, earnings, cash flow and cash balance.
Endeavour reported revenue of $30.8-million from the sale of 602 894 oz of silver and 9 792 oz of gold at average realised prices of $22.72/oz of silver and $1 840/oz of gold.
The company reported a net loss of $11.9-million and an adjusted net loss of $4.3-million.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
