|
Endeavour Mining PLC on Tuesday hailed the first gold pour at the Lafigue mine in the Ivory Coast. The London-based miner said this had been achieved on budget and ahead of schedule, only 21 months after the construction launch. Chief Executive Ian Cockerill commented: ‘We are proud to have achieved our first gold pour at Lafigue, which, alongside the first gold pour at the Sabodala-Massawa BIOX expansion that we achieved in April, marks the successful completion of the recent phase of investment and growth that we started in [the second quarter].’ ‘We now begin a new phase of increased free cash flow generation, de-levering and enhanced shareholder returns,’ he added. Cockerill said Lafigue was discovered for a cost of $31 million, equivalent to an industry-low discovery cost of just $12 per ounce of measured mineral resources resources. First gold was delivered only 21 months later for a low capital intensity of approximately $150 per ounce of M&I resources. ‘In less than eight years we have transformed Lafigue from a discovery to production, creating a cornerstone asset that has the potential to produce over 200,000 oz per year, at an industry leading all-in sustaining cost of approximately $900/oz for at least 13 years, improving the quality of our existing portfolio,’ Cockerill added. He believes this level of value creation is repeatable in West Africa, having already identified the Assafou deposit on the Tanda-Iguela property in Cote d‘Ivoire, as another potential cornerstone asset. Cockerill said with the current phase of organic growth completed, the firm is now focused on ramping up recent development projects to maximise their returns and support near-term capital allocation priorities of de-levering the balance sheet and enhancing shareholder returns. Shares in Endeavour Mining rose 0.1% to 1,723.00 pence each in London on Tuesday. Copyright 2024 Alliance News Ltd. All Rights reserved.
|
