Endeavour Mining to hand out US$435m in dividends via new policy
Published: 03:46 31 Jul 2024 EDT
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) said it will pay out a minimum of US$435 million in dividends over the next two years and more if special payments and share buybacks are included.
“For H1-2024, we have declared a $100 million dividend, which we have supplemented with an additional $20 million of share buybacks,” said Ian Cockerill, Chief Executive.
“Upon payment of our H1-2024 dividend, we will have returned more than $1.0 billion to shareholders since our first dividend payment in Q1-2021, equivalent to $223 for every ounce produced over the same period,” he added.
FTSE 100-listed Endeavour added that production in the first half of 2024 was 470,000 oz at an all-in cost of US$1,237 an oz, with 251,000 oz produced in the second quarter.
Africa-focused Endeavour brought two new mines onstream in the quarter, Lafigue and Sabodala-Massawa BIOX, adding it remains on track to achieve production guidance this year of 1,130 – 1,270,000 oz at costs near the top end of the $955 – 1,035/oz guided range.
Underlying profits (adjusted EBITDA) in the second quarter were US$249 million, up 17%, with adjusted net earnings of US$3 million.
For the half year, there was a net loss of US$80 million, though it reiterated its performance this year will be strongly weighted towards the second half.
The miner said it had also reshuffled its senior management, with Mark Morcombe, EVP and COO, and Jono Lawrence, EVP of Exploration, leaving to pursue other opportunities.
Djaria Traore is now EVP of Operations and ESG, while Martin White takes over as Chief Technical Officer.
