Endeavour Mining - Starting as it means to go on
For the third time in succession, Endeavour’s (EDV) quarterly results were materially ahead of our expectations in Q119, driven by universally higher production and lower all-in sustaining costs (AISC) at each of its operating assets (with the exception of the Ity heap leach operation). Output was further augmented by 8.8koz of pre-commercial production from the Ity CIL plant. While production and sales were both c 31% below Q418’s record level, therefore – as a result of c 30% of total mill feed being derived from low-grade stockpiles – they were nevertheless c 22% above our expectations at 121koz apiece.Endeavour Mining is engaged in the acquisition, exploration and development of gold properties in West Africa.
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