Endeavour shares dip despite 2024 growth forecast

Shares in Endeavour Mining (LSE: EDV) dipped 1.6% to 1,360.00 pence on Monday morning despite the gold miner forecasting increased production and shareholder returns in 2024. The company, which operates mines in West Africa, expects output to grow up to 18% this year thanks to several project start-ups.

Endeavour estimates it produced 1.1 million ounces in 2023 at all-in sustaining costs of $964 per ounce, generating $266 million in shareholder returns. The miner has budgeted $542 million for growth investment and declared a $200 million dividend for 2023.

The company’s Sabodala-Massawa asset in Senegal is due to commence production in Q2 2024, contributing up to 400,000 ounces in its first full year at costs under $850 per ounce. Endeavour’s Lafigue mine in Ivory Coast has also been brought forward to Q2 2024.

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Meanwhile, Endeavour reported “significant exploration success” at its Tanda-Iguela prospect where indicated resources increased to 4.5 million ounces. The miner has allocated $65 million to exploration in 2024 as it eyes further growth.

Endeavour ended 2023 with $757 million in liquidity and net debt of $555 million. The update came as former CEO Sebastien de Montessus faces an ongoing investigation into an “irregular payment”.