CA - Endeavour Mining plc (EDVMF) Q4 2023 Earnings Call Transcript
2024-03-27 15:23:07 ET
Endeavour Mining plc (EDVMF)
Q4 2023 Earnings Conference Call
March 27, 2024, 09:30 AM ET
Company Participants
Jack Garman - Vice President, Investor Relations
Ian Cockerill - Chief Executive Officer
Guy Young - Executive VP and Chief Financial Officer
Mark Morcombe - Executive VP and Chief Operating Officer
Djaria Traore - Executive VP ESG and Supply Chain
Jono Lawrence - Executive VP Exploration
Conference Call Participants
Ovais Habib - Scotiabank
Amos Fletcher - Barclays
Carey MacRury - Canaccord Genuity
Anita Soni - CIBC World Market
Sandeep Peety - Morgan Stanley
Presentation
Operator
Good day and thank you for standing by. Welcome to Endeavour Mining's Fourth Quarter and Full Year 2023 Results Webcast. At this time, all participants are in a listen-only mode. After management's presentation, there will be a question-and-answer session. [Operator Instructions] Today’s conference call is being recorded and a transcript of the conference will be made available on Endeavour’s website tomorrow.
I would now like to hand the conference over to Endeavour's Vice President of Investor Relations, Jack Garman.
Jack Garman
Hello everyone, and welcome to Endeavour's Q4 and full year 2023 results webcast. Before we start, please note our usual disclaimer. On the call today I am joined by Ian, Guy, Mark, Djaria, and Jono. Today's call will follow our usual format. Ian will first go through our full year results highlights. Djaria will provide an ESG update. Guy will present the financials. Mark will walk you through our operating results by mine and Jono will provide an exploration update. After Ian's closing remarks, we'll open up the line for questions.
I'll now hand over to Ian.
Ian Cockerill
Thanks Jack. Hello to everyone and thank you for joining us today on the call. Now I'm delighted to have joined Endeavour at such a pivotal time for this company. I joined the Board initially in 2013 until 2019, and then I rejoined again in 2022, holding several positions on the Board. So I do have a great familiarity with the company as well as its assets and many of its people.
Now, the team and I are focused on delivering value for all of our shareholders through our strong operational performance, executing our high margin growth project construction, and maximizing our prospective exploration portfolio, all in a safe and responsible manner, so that we can reward all of our shareholders, all of our stakeholders on a sustainable basis.
Now, we're currently moving to a new phase in the company's development, from one focused on investing in organic growth to one of enhanced cash flow generation, debt reduction as well as shareholder return. However, before I highlight our key priorities for 2024, I just wanted to talk a little bit about our achievements in 2023.
I'm proud to say that 2023 was another very successful year for Endeavour in which we delivered on all of our key priorities. On the operational front, we produced almost 1.1 million ounces of gold meeting our production guidance for the 11th consecutive year. Our all-in sustaining cost continued to be at a level that places us amongst the lowest cost producers in the entire gold mining industry, although slightly higher than guidance as we had incurred slightly higher royalty costs following a higher gold price environment.
During the year, we were focused on growth as I said earlier. We accelerated our two high margin growth projects, the Sabodala-Massawa expansion as well as the Lafigué development project. In total, we spent $448 million on growth capital during the year and I'm pleased to report that both these projects are on budget and on schedule for first gold in quarter two, with Lafigué expected to deliver first gold a quarter earlier than we had previously guided....
Endeavour Mining plc (EDVMF) Q4 2023 Earnings Call Transcript