Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF), a West Africa-focused gold producer, hiked its interim dividend by 43% to 40 US cents per share thanks to its improved financial position and confident outlook.
It plans to pay US$100mln in interim dividends and said it is now targeting a minimum dividend of US$200mln for the year, US$50mln more than its initial minimum commitment, the company said in its interim results.
It produced 702,000 ounces of gold at an all-in sustaining cost (AISC) of US$900 an ounce and reiterated its full-year output guidance of 1.32mln to 1.40mln ounces at an AISC of US$880-930 an ounce.
“We are very proud to be on track to achieving both production and AISC guidance for the tenth consecutive year, despite the macro environment, which is a reflection of the resilience of our business and the strong dedication of our team,” said president and chief executive Sebastien de Montessus.
“Given our strong performance across the business, we have significant momentum going into the second half of the year and are well positioned to continue to generate value for our stakeholders over the long term.”
Its net cash position increased by US$141mln in the first half to US$217mln after paying out US$108mln in shareholder returns.
Net earnings for the second quarter doubled to US$189mln from the year-earlier quarter.
“Looking ahead, we are excited with our growth prospects, with the priority being the Sabodala-Massawa plant expansion which is progressing on-schedule and on budget, with already over a third of the total capital committed,” said de Montessus.
“We have also continued to refine the DFS [definitive feasibility study] for our Lafigué project which is expected to be published in late Q3-2022.”