Endeavour Mining Swings to Q2 Net Loss

Endeavour Mining, a gold mining company focused on West Africa, reported a net loss of $109.3 million for the second quarter of 2022. This is a significant swing from the $189.4 million profit it posted during the same period last year.

Earnings per share for the quarter came in at 32 cents, down from 76 cents in the previous year. This fell short of the market consensus of 36 cents, based on estimates from three analysts.

Despite the disappointing results, Endeavour Mining reiterates its full-year outlook. The company remains on track to achieve its cost and production targets of $895 to $950 an ounce and 1.06 to 1.135 million ounces, respectively. It expects performance to improve in the second half of the year.

Endeavour Mining has also made significant progress at its Tanda-Iguela discovery in Ivory Coast, surpassing expectations with further drilling. As a result, the company plans to increase its full-year drill program to 180,000 meters and aims to publish a resource update later this year.

Additionally, Endeavour Mining has announced a dividend of $100 million, or 40 cents per share, for the first half of the year, matching the dividend paid out in the previous year.

Overall, while the second quarter results were challenging for Endeavour Mining, the company remains optimistic about its future prospects.