Endeavour Mining PLC on Tuesday said that its Sabodala-Massawa expansion project in Senegal is expected to complete on schedule and on budget.
The gold miner with operations in the Ivory Coast, Senegal and Burkina Faso said first gold pour is anticipated in early May.
Endeavour said it is commissioning the expansion in less than 23 months after construction was launched in April 2022. Wet commissioning is underway with overall construction activities being 91% complete, it added.
Chief Executive Officer Ian Cockerill said: ‘We are extremely pleased with our progress as we start wet commissioning at the BIOX expansion project. Importantly, we have achieved this milestone with no lost-time injuries having worked more than 3 million man hours, which is a testament to the strong safety culture that is a hallmark of our in-house construction teams.’
The project is expected to add about 194,000 ounces per year of incremental production over the first five years, ‘lifting Sabodala-Massawa to top-tier status with expected production of 360,000 to 400,000 ounces at an all-in sustaining cost of between $750-850 per ounce in financial year 2024, increasing to above 400,000 ounces from 2025.’
Cockerill added: ‘This year, Endeavour is well positioned to transition from a phase of investment in organic growth, to a more cash flow generative phase in the second half of the year. This inflection point will allow us to focus our efforts on increasing our shareholder returns while de-levering our balance sheet, as we continue to execute on our strategy.’
Endeavour shares rose 0.8% to 1,273.00 pence each on Tuesday morning in London.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
