Endeavour gold production from its operations 1,400koz in 2022
FY-2022 production from continuing operations amounted to 1,400koz, achieving the top end of the guided 1,315-1,400koz range. FY-2022 AISC from continuing operations amounted to $928/oz, achieving the guided $880-930/oz range in spite of industry-wide inflationary pressures.
The strong production performance was mainly due to the Houndé and Ity mines which benefitted from higher than planned throughput, and the Mana mine where higher than expected open pit mining tonnages were extracted from the Wona open pit prior to its depletion.
Inflationary pressures on costs were partially offset by favourable foreign exchange movements as the Euro declined against the Dollar as well as group-wide optimisation initiatives.
FY-2022 production from continuing operations decreased by 36koz or 3% from 1,436koz in FY-2021 to 1,400koz in FY-2022 due to lower production at Boungou, Mana and Wahgnion as a result of mining and processing of lower grade ore. AISC from continuing operations increased, in line with guidance, from $864/oz in FY-2021 to $928/oz in FY-2022.
2023 OUTLOOK
As published on 23 January 2023, the production guidance for FY-2023 amounts to 1,325-1,425koz, which marks an increase over the FY-2022 guidance of 1,315-1,400koz, while Group AISC is expected to remain consistent with that achieved over recent quarters at $940-995/oz. Group production is expected to be more heavily weighted towards H2-2023.
Total mine capital expenditure for FY-2023 is expected to remain consistent with that achieved in FY-2022 at approximately $370 million, consisting of $165.0 million for sustaining capital expenditure and $205.0 million for non-sustaining capital expenditure.
Growth capital spend for FY-2023 is expected to amount to $400 million, consisting of $170 million for the Sabodala-Massawa BIOX® Expansion project and $230 million for the Lafigué project. Further details are provided in the sections below.
Exploration will continue to be a strong focus in FY-2023 with a company-wide exploration budget of $70 million, of which approximately 50% is expected to be expensed and 50% is expected to be capitalised. For FY-2023, approximately $22 million will be spent on greenfield exploration with an increased focus on the Tanda-Iguela property.
