LONDON (ShareCast) - (Sharecast News) - Africa-focused gold miner Endeavour Mining said on Wednesday that it would payout no less than $435.0m via dividend payments over the next two years as it revealed it remained on track to deliver full-year production at costs near the top end of guidance.
Endeavour said first-half production came to 470,000 ounces at an all-in cost of $1,237 per ounce, with 251,000 ounces produced during Q2.

The FTSE 100-listed firm stated it was well on its way to meeting FY24 guidance of 1.13m-1.27m ounces at costs near the top end of its $955-1,035 per ounce guided range.

Endeavour stated Q2 underlying profits were up 17% at $249.0m, while adjusted net earnings came to $3.0m. For the half, Endeavour reported a net loss of $80.0m but highlighted that its performance was expected to be strongly weighted towards H2.

Endeavour also said it will return a minimum of $435.0m to shareholders by way of dividend payments over the next two years.

"For H124 we have declared a $100.0m dividend, which we have supplemented with an additional $20.0m of share buybacks," saidchief executive Ian Cockerill. "Upon payment of our H124 dividend, we will have returned more than $1.0bn to shareholders since our first dividend payment in Q121, equivalent to $223 for every ounce produced over the same period."

As of 1130 BST, Endeavour Mining shares were up 0.57% at 1,750.0p.











Reporting by Iain Gilbert at Sharecast.com

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