Adam Strydom
Mar 23, 20221 min
Following its acquisitions of SEMAFO Inc. and Teranga Gold Corporation, Endeavour Mining has become one of the top 10 major gold producers globally, with seven mines in Côte d’Ivoire, Burkina Faso and Senegal plus a portfolio of development projects, all in the West African Birimian greenstone belt. . Production in FY21 reached a record of 1,536koz, beating the annual guidance of 1,365–1,495koz for the ninth year in succession at an AISC of c US$880/oz (cf guidance of US$850–900/oz). On 2 March, Endeavour announced that is to be promoted to the FTSE 100 index. The promotion could result in additional demand of up to 1–2% of Endeavour’s outstanding shares, with more expected from active and passive trackers. Based on the average multiples of its gold major peers, Edison Group estimates a value for Endeavour of US$37.72 (C$47.86 or £28.15) per share with a current share price of US$24.94.
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