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Endeavour Mining unveils $100m dividend taking total capital returns to $299m

ENDEAVOUR Mining produced 1.4 million ounces of gold in the 12 months ended December 31 at all-in sustaining costs (AISC) of $928 per oz. The cost performance…

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This article was originally published by Miningmx

ENDEAVOUR Mining produced 1.4 million ounces of gold in the 12 months ended December 31 at all-in sustaining costs (AISC) of $928 per oz.

The cost performance was at the top end of its forecast of between $880 to $930/oz – a creditable performance given the rate of inflation last year, the company said. AISC was also contained as Endeavour’s gold output was at the higher end of its guided range of between 1.32 to 1.4 million oz.

The company, which is listed in Toronto and London, set out a similar outlook for the current financial year. Production was forecast to come in at 1.33 to 1.43 million oz at AISC of between $940 to $995/oz.

Endeavour also announced it would pay a $100m second half dividend taking the final dividend to $200m. This payout was supplemented by a share buy-back programme in which the company repurchased $99m in shares.

The company had previously forecast capital returns of $150m for the year. The higher payout demonstrated “commitment to paying supplemental shareholder returns,” the group said in a statement today.

Endeavour generated fourth quarter net cash of $120m taking its net cash balance to $121m as of December 31.

“We look forward to further success in 2023, with our guidance demonstrating confidence in our continued ability to deliver against our strategic objectives for the benefit of all our stakeholders,” said Sébastien de Montessus, CEO of Endeavour Mining.

The post Endeavour Mining unveils $100m dividend taking total capital returns to $299m appeared first on Miningmx.

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