Endeavour moves forward Ity gold pour
The process plant construction is more than 70% complete, tracking ahead of schedule.
The Ity carbon-in-leach (CIL) gold project that Endeavour Mining’s in-house team is building in Côte d'Ivoire is tracking two months ahead of schedule and will pour its first gold at the beginning of the March 2019 quarter, rather than mid-year, the Canadian firm reported on Wednesday.
In a construction update, the company said that the project was about 75% completed. Nearly all the $412-million initial capital cost had been committed and about 65% had been spent.
“Completing the construction sooner is expected to result in material improvement to our 2019 free-cash flow generation potential as Ity CIL will be a low-cost operation with an all-in sustaining cost (AISC) expected to be below $500/oz over its first five years," president and CEO Sébastien de Montessus said.
COO and VP for projects Jeremy Langford noted that the project had benefited from the experience of Endeavour’s in-house construction team, which previously built in the Houndé and Agbaou mines in the region, as well as the three-month early installation of the ball and semi-autonomous grinding mills.
Further, Endeavour reported zero lost-time injuries during more than six-million man-hours worked. Currently, about 2 800 personnel, including contractors, are employed on site, about 90% of whom are locals.
Construction of the Ity CIL project started in September last year. An optimised study has demonstrated the significant potential for Ity, which has already been in operation for more than 20 years, to become another flagship asset for Endeavour.
The Ity CIL project is expected to produce about 204 000 oz/y for the first ten years, at an AISC of $549/oz.
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