Endeavour Mining Shares Fall 9% on Mana Mine Stoppage

Partial ramp subsidence at Mana led to mining activity being suspended at the end of last month. Endeavour said production at the mine will be lower than expected in the final months of the year, pulling group output toward the lower end of its forecast range of 1.09 million to 1.265 million troy ounces.

Higher-than-expected production at Lafigue, in the Ivory Coast, will offset only part of the shortfall, the company said. Analysts at RBC Capital Markets expect Mana to deliver “negligible fourth-quarter production.”

For the year to date, Endeavour reported production of 820,000 ounces, down 10% from a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization increased 38% year on year to $2.25 billion. Endeavour is listed in London and Toronto, Canada.