(Correcting that Endeavour recorded a pretax profit, not loss, in both 2021 and 2020.)
Endeavour Mining PLC on Thursday reported record production in 2021, following the acquisition of new mines, as it nearly doubled pretax profit in its full year.
London-headquartered Endeavour Mining is a gold miner with assets in Senegal, Ivory Coast, Mali and Burkina Faso.
Having listed in London last June, it is set to join the FTSE-100 index on Monday. This follows the departure of Russian-linked miners Evraz PLC and Polymetal International PLC from the index.
Endeavour said production was up 69% year-on-year, beating previous guidance, with 1.5 million ounces gold produced in 2021, compared to 908,000 ounces in 2020. All-in sustaining costs remained stable, up 1% to $885 per ounce, as did average realised gold prices, which were up 1% to $1,773 per ounce.
Revenue for 2021 nearly doubled to $2.79 billion from $1.42 billion in 2020, following the acquisition of Wahgnion and Sabodala-Massawa mines, which contributed $926.0 million during the period.
Profit before tax increased 93% to $424 million in 2021 from $220 million the year before.
Endeavour declares a total dividend of $0.56 for 2021, with payouts expected to increase incrementally over the next two years.
It has adjusted production guidance downwards for 2022, now to come within a range of 1.3 million to 1.4 million ounces of gold. This is to account for the divestment of the Karma mine completed earlier this month.
Shares in Endeavour were down 1.0% to 1,920.00 pence each in London on Friday morning.
‘2021 was a very successful year for Endeavour during which we delivered against all our objectives...Operationally, after the rapid and successful integration of the Teranga and SEMAFO assets, we were able to achieve a record year with production in excess of 1.5 million ounces, ensuring we have now met or exceeded guidance for the ninth consecutive year,’ said President & Chief Executive Officer Sebastien de Montessus.
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