PERTH (miningweekly.com) – Dual-listed Endeavour Mining, which owns four gold mines in Mali, Ghana, Burkina Faso and Côte d'Ivoire, has produced a record 324 275 oz in the year ended December and said on Thursday that it could increase production by up to 35% in 2014.

The production record is in line with its guidance of between 315 000 oz and 330 000 oz and came on the back of pre-commercial gold production at the Agbaou mine, in Côte d'Ivoire, during November and December. Endeavour has set 2014's production guidance at between  400 000 oz and 440 000 oz of gold.

“2013 was a successful year with production over 324 000 oz from our three mines and our newly constructed Agbaou mine that poured its first gold in November. Agbaou achieved commercial production during January and we are very pleased to report it was constructed for less than our A$160-million budget,” commented CEO Neil Woodyer.

During the year, Endeavour also completed the expansion of the Tabakoto mill, in Mali, with design capacity of 4 000 t/d achieved in June.

“Endeavour’s non-sustaining investments in 2014 will be focused on completing the optimisation of Tabakoto. This includes A$20-million for completion of the Segala ramp and pre-stoping development by mid-2014, and ancillary investment of A$13-million for a CFR plant, TSF expansion and other items,” Woodyer said.

In addition, the Sangala and Tabako underground operations were transitioning to an owner-operator system this year, which would reduce mining costs, he added.

The transition started in December after the first gold pour at Agbaou, and Endeavour was expecting to purchase between A$10-million and A$15-million in equipment this year to complete the mining fleet at Sangala and between A$10-million at Tabakoto to replace equipment currently provided by the mining contractor.

Beyond this, Endeavour would invest some A$7-million at the Ghana-based Nzema operation for a new pebble crushing circuit and pit development work, and less than A$2-million at Agbaou.

A further A$10-million has been set aside for exploration.

“During 2014, we are forecasting cash costs of between A$775/oz and A$825/oz and all-in sustaining costs of between A$985/oz and A$1 070/oz. Our  2014 guidance range represents around 10% improvement as compared with 2013,” he added.