Company News

West Africa-focused gold miner Endeavour declares first dividend

JOHANNESBURG, Nov 12 (Reuters) - Endeavour Mining on Thursday declared its first annual dividend, saying it will pay out $60 million, or $0.37 per share, to investors after it reported higher third-quarter production.

The West Africa-focused gold miner also extended the mine life and production outlook of its two core mines, Ity in Ivory Coast and Houndé in Burkina Faso, in updated mine plans.

Houndé is expected to produce an extra 106,000 ounces of gold per year on average over the next five years, up 27% from Endeavour’s previous projection.

Ity is seen producing an additional 170,000 ounces over the next 10 years, up 58% from the previous mine plan.

Endeavour’s third-quarter production was up 64% from the previous quarter to 244,000 ounces. Its first dividend will be paid out to shareholders early in the first quarter of 2021.

Endeavour on Tuesday said it was in talks to combine with smaller miner Teranga Gold. (Reporting by Helen Reid; editing by Barbara Lewis)