PERTH (miningweekly.com) – Triple-listed gold miner Endeavour Mining plans to continue with its acquisition spree after integrating the newly acquired La Mancha assets into the company’s portfolio.

Endeavour’s shareholders in early November approved a partnership with gold investment company La Mancha Holding which would see the gold miner acquire La Mancha’s indirect 55% interest in Société des Mines d’Ity (SMI), which operates the Ity gold mine, in Côte d’Ivoire, through the issue of 177.1-million Endeavour ordinary shares, representing 30% of Endeavour’s enlarged share capital and equal to $77.9-million.

The deal would see La Mancha injecting $63-million in cash into SMI. The capital injection would reduce Endeavour's net debt to $159-million and improve the company’s ability to fund its Houndé project, in Burkina Faso.

“We are in the process of closing the La Mancha transaction and have commenced the integration of the Ity mine into Endeavour Mining’s operating and management control system,” said Endeavour CEO Neil Woodyer.

“The La Mancha transaction is expected to complete next week.”

Woodyer added that the additional operating cash flows generated at the Ity mine and the $63-million cash contribution would improve Endeavour’s balance sheet and would position the company to pursue further growth and continue its “build and acquire” strategy at this low point in the gold price cycle.

Meanwhile, the Houndé gold project, in Burkina Faso, remained a key construction project for Endeavour, with the company saying it was increasing its in-country presence and further developing and enhancing government and local community relations.

Pre-project planning was being done to facilitate a construction decision in early 2016.

Endeavour produced 124 893 oz of gold during the quarter ending September 30, selling 123 002 oz at a realised gold price of $1 121/oz.

For the full year, the miner expected to produce at the higher end of between 475 000 oz and 500 000 oz of gold, maintaining an all-in sustaining cost of between $930/oz and $980/oz.