Endeavour Mining pours first gold at Lafigué mine

Endeavour Mining (TSX, LSE: EDV) has poured its first gold at the new Lafigué mine in Côte d’Ivoire only 21 months after it began construction, which is ahead of the planned start date and on budget.

Lafigué is the fifth project Endeavour has completed in West Africa and it is expected to produce between 90,000 and 110,000 gold ounces annually at a “sector-leading” all-in sustaining cost of between US$900 and US$975 per oz. in financial year 2024, Endeavour said on Tuesday. 

Gold production is slated to increase to about 200,000 oz. in financial year 2025, the company backed by Egyptian billionaire Naguib Sawiris said.

“We discovered Lafigué for a cost of US$31 million, equivalent to an industry-low discovery cost of just US$12 per oz. of measured and indicated resources,” chief executive Ian Cockerill said in the statement.

The gold and silver miner’s leader expressed pride in reaching the milestone at Lafigué. Cockerill noted that the achievement, coupled with the inaugural gold pour at the Sabodala-Massawa expansion in April, marked the fruitful culmination of Endeavour’s investment and expansion efforts initiated in the second quarter of 2022.

Tanda-Iguela

“We believe this level of value creation is repeatable in West Africa, and we have already identified the Assafou deposit on the Tanda-Iguela property in Côte d’Ivoire, where we have delineated a top tier resource and another potential cornerstone asset,” Cockerill said.

The news injects some positivity into Endeavour Mining’s recent history, which was tainted by the firing earlier this year of former president and chief executive officer Sébastien de Montessus for serious misconduct.

It also follows accusations of misrepresentation over the sale of two African gold mines, Wahgnion and Boungou in Burkina Faso, as the fallout from the tenure of the ousted executive continues.

The gold pour announcement comes only a day after reports of a cyanide spill at Ity gold mine, Endeavour’s second-biggest operation, located in southern Côte d’Ivoire.

Shares in Endeavour Mining rose 2.6% on Tuesday morning in Toronto to $29.65 apiece, valuing the company at $7.3 billion. They’ve traded in a 52-week range of $21.11 to $33.48.