Endeavour Mining sets dividend policy ahead of London listing

TORONTO (Reuters) - West Africa-focused gold miner Endeavour Mining on Monday said it would target at least $500 million in shareholder returns through to 2023 with a progressive dividend policy ahead of a London listing expected next week.

Endeavour, which is set to list on the London Stock Exchange on or about June 14, is working to integrate new mines after a $2.7 billion acquisition spree in West Africa last year spooked some investors.

Minimum dividends would be set at $125 million, $150 million, $175 million for fiscal 2021, 2022, and 2023, respectively, which represents approximately $0.50/sh, $0.60/sh, $0.70/sh based on current shares outstanding, it said.

At gold prices of $1,500 per ounce or higher, those payments could be supplemented by higher dividends and by ongoing share buybacks provided Endeavour's leverage remains below 0.5 times net debt to adjusted EBITDA, the company said.

Endeavour has said it would retain its Toronto listing.

(Reporting by Jeff Lewis; Editing by Bernadette Baum)