Endeavour Mining, a mining company with gold mines in West Africa, has reported a decrease in net profit for the third quarter due to lower gold prices. Despite this, the company remains confident in achieving its 2023 production target.
In Q3, Endeavour Mining recorded a net profit of $60 million, down from $78 million in the previous quarter. Earnings per share also decreased from $0.32 to $0.24. Analysts had estimated a consensus of 27 cents per share based on five professional opinions.
Meanwhile, revenue for the quarter was $530 million, compared to $568 million in the previous period.
Production and Costs
During the third quarter, Endeavour Mining produced a total of 281,000 ounces of gold at an all-in sustaining cost of $967 per ounce. However, the realized gold price declined from $1,947 per ounce to $1,903 per ounce.
Despite the challenging market conditions, Endeavour Mining is committed to its 2023 production guidance. The company aims to produce between 1,060 and 1,135 ounces of gold during that year, maintaining an all-in sustaining cost range of $895 to $950 per ounce.