Endeavour back in the black as AISC drops and output rises

Africa-focused Canadian gold producer Endeavour Mining has reported a $3-million, or $0.05 a share, headline profit for the three months ended March 31, as markedly lower all-in sustaining costs (AISC) and higher year-on-year sales boosted the miner's financial performance. The TSX-listed miner, which moved its administrative and regional offices to Paris, France, and Abidjan, Cote d'Ivoire, reported that total net earnings attributable to shareholders dropped to $1-million, or $0.02 a share, from $9-million, or $0.22 a share, for the same period in 2015. Endeavour attributed this year-on-year net earnings drop to the additional acquisition costs for True Gold's Karma gold mine, in Burkina Faso, as well as increased operating and corporate costs for Ity mine, in Cote d'Ivoire, which saw its first full quarter of operating.