Endeavour Mining powers up dividends after earnings rise

Endeavour Mining has dished out more returns to shareholders as its dividends hit a record $140m in the first half of the year, supplemented with $69m of share buybacks.

The mining giant has taken advantage of the world’s enthusiasm for gold as it more than doubled its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA). 

Earnings increased from $461 in the first half of 2024 to $1.2bn in the first half of the year. 

Bosses said higher gold sales and improved cash flows was helping to drive earnings, with production 38 per cent higher than the same period last year. 

Its Houndé gold mine in Burkina Faso and Sabodala-Massawa mine in Senegal drove a higher overall group production, while a new mine in the Ivory Coast boosted gains. 

Endeavour’s earnings from mine operations surpassed $1bn in the first half of the year, compared to $278m at the same time last year. 

Gold rush

Those increases have come at a time when the price of gold has rocketed given unstable markets following President Trump’s Liberation Day tariff announcements in April. 

Despite a string of trade deals in recent months, the price of gold remains high at $3,301 per ounce as of Thursday morning just before 8am. 

The price of gold surged higher than $3,500 as investors flocked to buy the safe haven asset as the dollar’s value crumbled. 

Analysts predicted its price would hit $5,000 but the dollar has rallied due to optimism over trade deals ahead of Friday’s “reciprocal tariff” deadline. 

Endeavour said it was on track to deliver previous production guidances for the year, adding it was “well positioned” to continue providing strong free cash flows for the second half of the year. 

Its chief executive Ian Cockerill said: “We are very pleased with the operational performance we have delivered from our expanded portfolio and our ability to convert that performance into cash flow. 

“Our high-margin, long-life operations, coupled with our exciting organic growth pipeline positions us well to continue delivering against our strategic objectives.