Endeavour building 200 000 oz/y Côte d’Ivoire gold mine
Endeavour Mining last month launched the construction of its Lafigué project on the Fetekro property, in Côte d’Ivoire, following the completion of a robust definitive feasibility study (DFS).
The Lafigué mine will produce an average of 203 000 oz/y at an all-in sustaining cost of $871/oz over a 12.8-year mine life.
CEO Sebastien de Montessus said in a statement that Lafigué would become a cornerstone mine for Endeavour and that it would enhance the group’s geographical diversification.
“We are ideally positioned to launch the construction of Lafigué, given our net cash position, the continued strong performance of our operations, and our success in derisking the Sabadola-Massawa expansion with a significant portion of the capital already committed on-budget. Moreover, we are seeing reduced inflationary pressures and favourable foreign exchange rates compared with earlier in the year,” he said.
The DFS estimates upfront capital of $448-million and an aftertax net present value, using a 5% discount, of $477-million and an internal rate or return of 21% with a 4.2 year payback.
First production from Lafigué is expected early in the third quarter of 2024.
Endeavour executive VP for exploration and growth Patrick Bouisset said that the Lafigué discovery was an example of how the mining company created value.
“For a modest exploration investment of $31-million, which repre- sents a discovery cost of $12/oz, we have added a new cornerstone asset to our portfolio.”
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