Q3 2024 Endeavour Mining plc Earnings Call Transcript
Key Points
- Endeavour Mining PLC (EDVMF) achieved commercial production at both growth projects during the quarter, with both projects ramping up in line with their plans.
- The company generated approximately $100 million of free cash flow during the quarter, marking a significant improvement in leverage.
- Endeavour Mining PLC (EDVMF) has successfully reduced its gross debt by repaying $160 million of its revolving credit facility.
- The company is on track to return at least $435 million in dividends to shareholders for both 2024 and 2025.
- Endeavour Mining PLC (EDVMF) remains one of the lowest cost producers in the sector, firmly in the lowest cost quartile.
- Production for the full year is expected to be at or around the low end of the guidance range.
- The all-in sustaining cost is expected to be above the top end of the range due to high gold prices and lower power availability.
- The Sabodala Massawa cil operation underperformed, impacting year-to-date all-in sustaining costs.
- There was a $112 million impairment from the writedown of expected proceeds from the disposal of Bonu and Wyong.
- The company faced challenges with grid power availability in Burkina Faso and Cote d'Ivoire during the first half of the year.
Good day. And thank you for standing by. Welcome to the Endeavour Mining third-quarter, 2024 results webcast. (Operator Instructions)
Today's conference call is being recorded and the transcript of the call will be available on the Endeavors website tomorrow.
I would like to hand the call over to Endeavor's Vice President, investor relations, Jack Garman. Please go ahead.
Hello, everyone and welcome to Endeavour's Q3 2024 results webcast. Before we start, please note our usual disclaimer on the call today. I'm joined by Ian Cockrell, our CEO guy young, our CFO and Gia Traes, our executive Vice President of operations and ESG today's call will follow our usual format. Ian will first go through the highlights guy will present the financials and Jara will walk you through our operating results by mine before handing back to Ian for his closing remarks.
We will then open the line up for questions with that. I will now hand over to Ian.
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