Endeavour Mining starts commissioning new Lafigue gold mine
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has started the wet commissioning of its new Lafigué project in the Ivory Coast. Construction is now 94% complete, it said, with the project on budget and the first gold pour expected to take place in late June, a quarter ahead of schedule.
Ian Cockerill, Endeavour’s chief executive, said: Lafigué would be another cornerstone asset in ther miner's portfolio; with over 200, 000 oz of annual production at an all-in sustaining cost below $900/oz over its initial 13-year mine life.
“The project was discovered through our own ambitious exploration programme for a cost of US$31 million, equivalent to an industry-low discovery cost of just $12 per Indicated resource ounce.
“Given its potential, we expedited the necessary technical studies before launching construction in Q4-2022 and we have now started wet commissioning at the project in only 21 months from construction launch, and we continue to track ahead of schedule for first gold in late June.
“This is a tremendous achievement, and it reiterates the strength of our exploration and projects teams.”
Earlier this year, Endeavour also poured first gold at the Sabodala-Massawa BIOX expansion and, with Lafuique, the FTSE 250 miner reiterated it is now moving towards a “more cash flow generative phase”.
Initial capital expenditure for Lafigue is US$448 million, of which approximately $434 million or 97% has been committed to date, with pricing in line with expectations.
Source: https://www.proactiveinvestors.com/