MINING REFINING

Endeavour Mining pours first gold from Lafigue in Ivory Coast

Tue July 02 2024

Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has poured its first gold from the Lafigué mine in the Ivory Coast just 21 months after starting construction.

Ian Cockerill, chief executive, commented that it was a proud moment for the miner.

“Alongside the first gold pour at the Sabodala-Massawa BIOX expansion that we achieved in April, [Lafigue] marks the successful completion of the recent phase of investment and growth that we started in teh second quarter of 2022.

“We now begin a new phase of increased free cash flow generation, de-levering and enhanced shareholder returns.”

Lafigué is Endeavour’s fifth project in the last decade and was discovered for US $31 million, equivalent to an industry-low discovery cost of just $12 per ounce of M&I resources.

“It will be a cornerstone asset that has the potential to produce over 200koz per year, at an industry-leading all-in sustaining cost of approximately $900/oz for at least 13 years,” said Cockerill.

Lafigué is expected to achieve commercial production and ramp up to its nameplate capacity of 4.0M tpa this quarter.

Cockerill added that the next development for Endeavour will be the Assafou deposit on the Tanda-Iguela property in the Ivory Coast.

Source: https://www.proactiveinvestors.com