Endeavour Mining PLC said its production in 2022 was at the top end of its outlook, while shareholder returns were almost double its minimum target.

The company also said it has named a new chief financial officer.

The gold miner, with assets in nations including Senegal and Burkina Faso, said annual gold production amounted to 1.40 million ounces, down 2.5% on-year from 1.44 million. The outcome was ‘slightly’ ahead of consensus and at the top end of the FTSE 100 listing’s own 1.32 million to 1.40 million ounces target.

It was the 10th year on-the-trot that Endeavour has met or beaten production guidance.

In the fourth quarter alone, production fell 6.1% year-on-year to 355,000 ounces. Output was up 3.5% from a quarter earlier, however.

All-in-sustaining costs for the year picked up 5.2% to $928 per ounce, from $882 in 2021. However, costs were below guidance of $930 per ounce, despite rampant inflationary pressure.

Endeavour declared a second-half dividend of $0.41 per share, up 46% from $0.28 a year earlier. Its total payout for 2022 has been lifted 45% to $0.81 per share from $0.56.

The company said it has paid $200 million in dividends for 2022, alongside $99 million in buybacks. Returns totalled $299 million, ‘nearly doubling’ its minimum dividend commitment for the year of $150 million.

For 2023, Endeavour expects production of 1.33 million to 1.43 million gold ounces. It expects all-in sustaining costs at an ‘industry leading’ range of $940 to $995 per ounce.

Endeavour said Chief Financial Officer Joanna Pearson will step down in March. She will be replaced by Guy Young, the CFO of molten metal flow engineering company Vesuvius PLC.

Vesuvius earlier in January said Young will step down from the board on February 17. It had first announced Young’s planned departure back in September. Mark Collis will succeed Young as Vesuvius CFO. Collis is the current CFO of the operations business of Aberdeen-Scotland based energy sector-focused engineering and consulting business John Wood Group PLC.

Endeavour Mining shares were 1.0% higher at 2,000.00 pence each in London on Monday morning.

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