Endeavour Mining (TSE: EDV; US-OTC: EDVMF) has reported strong growth in production, revenue and earnings in its second quarter results.
The West Africa-focused gold miner produced 299,000 oz. of gold in the first half of 2018, an increase of 126,000 oz. gold from the year prior. That increase was driven entirely by Endeavour’s 90%-owned Houndé mine in Burkina Faso’s Birimian greenstone belt. Endeavour began production at Houndé this January, turning out 141,000 oz. gold at all-in sustaining costs of US$521 per oz. in the first six months of 2018. Houndé’s reserves currently stand at 30.2 million tonnes grading 2.02 grams gold per tonne. The mine is Endeavour’s main exploration focus – a 60,000 metre drilling campaign is currently underway, following up on 121,000 metres of drilling during the first half of 2018.
Total revenue increased US$183 million to US$388 million, while net earnings rose US$32 million to US$34 million.
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