https://www.engineeringnews.co.za
Exploration|Gold|Mining|Resources
Exploration|Gold|Mining|Resources
exploration|gold|mining|resources

Endeavour sells noncore Côte d’Ivoire mine

22nd January 2021

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Canadian miner Endeavour Mining will sell its 85% interest in the Agbaou mine, in Côte d’Ivoire, to private African operator Allied Gold, which owns the nearby Bonikro mine.

When the transaction closes, the Bonikro-Agbaou operation will comprise multiple openpits, and two processing plants with a total milling capacity of over five-million tons a year, producing a potential 285 000 oz/y.

Endeavour will sell its interest in Agbaou for up to $80-million with further upside through its equity exposure and a net smelter royalty.

“Agbaou has been a highly cash generative asset which facilitated the organic development of Houndé and Ity, and given that it has now become noncore to Endeavour, we firmly believe that this transaction is in the best interests of all of Agbaou’s stakeholders, including the government of Cote d’Ivoire, local communities and the employees themselves,” commented Endeavour president and CEO Sébastien de Montessus.

In the first nine months of 2020, the Agbaou mine produced 76 713 oz of gold at an all-in sustaining cost of $1 013/oz.

Agbaou has measured and indicated resources, inclusive of reserves, of 7.6-million tonnes at 2.14 g/t containing 519 000 oz.

Based on known reserves, Agabou’s mine life is expected to cease by the end of 2022, but Allied intends to extend the life-of-mine through continued regional exploration activities in the near term.

Endeavour’s carrying book value at September 30, for its interest in the Agbaou mine stood at $103-million and is expected to be below $90-million at year-end.

Endeavour owns an 85% stake in the Agbaou mine, with the remainder owned by the government of Côte d'Ivoire (10%) and SODEMI (5%).

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.097 0.153s - 179pq - 2rq
Subscribe Now