West African gold miner Endeavour Mining expects to reach a net cash position in the coming quarters, at which point it will start rewarding shareholders with dividend payments, CEO Sebastien de Montessus said on Wednesday.
Announcing the Toronto-listed group’s second-quarter results, he said that the integration of Semafo Gold’s assets into its West African operating model had been largely complete and that Endeavour expected to start realising synergies.
The Semafo acquisition concluded in early July and the combined group is now a top 15 gold producer, which has a balance sheet with a ratio of below 0.5 times.