Endeavour Mining - Materially ahead of expectations
Endeavour’s Q318 results were materially ahead of our expectations, driven by better than expected operational performances at Karma and Ity and lower operating expenses and depreciation relative to Q2, notwithstanding the usual rains during the quarter. These were partially counteracted by a higher tax charge. However, we have still materially increased our forecasts for FY18 in light of the Q318 results and in expectation of a further improvement in Q4. Higher than expected net debt reflected merely the acceleration of Ity CIL capex from H119 into H218.Endeavour Mining is engaged in the acquisition, exploration and development of gold properties in West Africa.
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