Surging gold prices help Endeavour profits shine

(Sharecast News) - Africa-focused Endeavour Mining reported a strong jump in first-half core earnings and record dividends, driven by surging gold prices. Earnings before interest, taxes, depreciation and amortisation almost trebled to $1.13bn. The company said it was on track to meet annual production guidance.

Free cash flow came in at a record $514m. Shareholders will receive a record interim dividend payout of $150m, or $0.62 a share.

Endeavour produced 647,000 ounces of gold during the period and is targeting 1,110,000 to 1,260,000 ounces for the full year. The average gold price over the period powered to $3,150 an ounce compared with $2,287 a year ago as investors sought safe havens amid global economic instability.

Reporting by Frank Prenesti for Sharecast.com