(Alliance News) - Endeavour Mining PLC on Thursday said it remains on track to meet its full-year production forecasts, despite reporting a mixed financial and operational first quarter.

Endeavour is a mining company with gold mines located across West Africa.

For the three months ended March 31, the company reported USD24 million in pretax earnings, more than halved from USD52 million a year prior.

Revenue from continuing operations fell 1.6% to USD473 million from USD481 million.

Earnings before interest, tax, depreciation and amortisation were USD156 million for the quarter, down 7.7% from USD169 million.

Adjusted earnings per share dropped to USD0.17 from USD0.26.

Gold production in the quarter dropped 9.9% to 219,000 ounces from 243,000, while gold sold fell 11% to 225,000 ounces from 252,000.

Endeavour said it remains on track to achieve its full-year production guidance of 1.1 million to 1.3 million ounces of gold.

Chief Executive Officer Ian Cockerill said: "Our operational performance is tracking in line with our group guidance, as production and costs are expected to progressively improve throughout the year, with performance strongly weighted towards the second half, as our two organic growth projects ramp up, and we expect significantly stronger performance from our Hounde mine."

Shares in Endeavour Mining were down 3.6% at 1,635.00 pence each in London on Thursday.

By Hugh Cameron, Alliance News reporter

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