{"id":1148117,"date":"2019-11-05T12:11:32","date_gmt":"2019-11-05T18:11:32","guid":{"rendered":"https:\/\/www.mining.com\/?p=1006068"},"modified":"2019-11-05T12:11:32","modified_gmt":"2019-11-05T18:11:32","slug":"endeavour-mining-shares-rise-on-strong-q3-results","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1148117","title":{"rendered":"Endeavour Mining shares rise on strong Q3 results"},"content":{"rendered":"<p>Endeavour Mining (TSX: EDV) on Tuesday announced its <a aria-label=\"financial and operating results (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.endeavourmining.com\/news-releases\/press-release-details\/2019\/Endeavour-Mining-Corporation-Q3-2019-Financial-Results\/default.aspx\" >financial and operating results<\/a> for the third quarter of 2019, highlighted by strong operating cash flow and increased output from its West African mines.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>During the quarter, operating cash flow doubled to $115 million or $1.05 per share compared to Q2 2019. Adjusted net earnings increased by 267% to $33 million or $0.30 per share, compared to $9 million or $0.08 per share in the previous quarter.<\/p>\n<p>Shares of Endeavour Mining jumped more than 7% at market open Tuesday. The West Africa-focused gold producer has a market capitalization of C$2.75 billion.<\/p>\n<p>\u201cThe strong net free cash flow generated this quarter marks an important milestone for Endeavour as it demonstrates that we have de-risked and repositioned the group as a cash-generating business, after nearly four years of intensive growth-capital spend,\u201d president and CEO S\u00e9bastien de Montessus stated in a press release.<\/p>\n<p>As a result, the company is now \u201cstrategically diversified\u201d across multiple assets with stronger long-term planning capabilities, he added, noting that this \u201cprovides greater comfort in [Endeavour\u2019s] ability to generate stable cash flows.\u201d<\/p>\n<p>Having successfully built its Ity and Hound\u00e9 mines in C\u00f4te d\u2019Ivoire and Burkina Faso respectively with minimal equity dilution, Endeavour\u2019s priority would now shift to deleveraging the business, underpinned by its short investment payback periods. <\/p>\n<p>During this debt reduction phase, the company expects to benefit from low capital-intensive growth with Ity\u2019s 25% volumetric upgrade nearly complete and the expected upcoming integration of recently discovered higher-grade deposits at both Ity and Hound\u00e9.<\/p>\n<p>Meanwhile, Endeavour\u2019s output increased by 6% quarter-on-quarter to 181,000 oz owing to increases at Ity, Karma (in Burkina Faso) and Agbaou (in C\u00f4te d\u2019Ivoire), which the company said \u201cmore than offset\u201d the slight decrease in output at Hound\u00e9. The impact of the severe rainy season was mitigated by the mining of higher-grade ore across the group and the use of stockpiles, the company said.<\/p>\n<p>Total production for the year to date, meanwhile, decreased from 524,000 oz to 473,000 oz owing to the sale of the non-core Tabakoto mine in Mali, while AISC decreased by $36\/oz to $817\/oz over the same period due to the Tabakoto divestment and lower costs at Ity and Agbaou, which more than compensated for higher costs at Hound\u00e9 and Karma.<\/p>\n<p>Accordingly, Endeavour has adjusted its full-year production guidance to between 650,000 oz and 695,000 oz at an AISC of between $795\/oz and $845\/oz.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of Endeavour Mining jumped more than 7% at market open Tuesday.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[],"class_list":["post-1148117","post","type-post","status-publish","format-standard","hentry","category-miningcom","category-news"],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1148117"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148117\/revisions"}],"predecessor-version":[{"id":1148152,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148117\/revisions\/1148152"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1148117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1148117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1148117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}