Endeavour Mining PLC on Friday said it remains on track to achieve full-year production guidance, and achieved commercial production at two of its mines in early August.

The London-based gold miner said it reached the commercial production milestone on budget and on schedule at both the Sabodala-Massawa Biox Expansion in Senegal, and the Lafigue mine in the Ivory Coast, with effect from August 1.

In both cases, Endeavour said the full ramp-up to nameplate capacity is currently underway.

For the Biox Expansion, the news comes four months after its first gold pour in April; the Lafigue processing plant had achieved its first gold pour in late June.

Endeavour said all Biox circuits are operating in line with expectations, with 160,000 tonnes of ore - or over 2,580 tonnes per day - processed at a grade of 2.8 grams of gold per tonne in July and August. The daily processing rate has been equivalent to 80% of nameplate capacity, and plant availability exceeded 94%.

Endeavour further noted that ‘mining activities have now advanced into fresh ore in the Massawa Central Zone, supporting higher grades and higher recovery rates for the remainder of the year’.

At Lafigue, all circuits are also meeting expectations, with plant availability above 87% and average gold recovery rates above 95%.

Endeavour said 241,000 tonnes of ore was processed there at a grade of 1.8 grams per tonne. Processing rates surpassed 7,700 tonnes per day, equivalent to 72% of nameplate capacity.

Endeavour Mining owns 90% of the Sabodala-Massawa project and 80% of Lafigue.

Going forward, Endeavour said it remains on track to achieve its full-year production guidance, with all-in sustaining costs ‘near the top end of the guided range’.

Hailing the ‘significant milestone’ at Sabodala-Massawa and Lafigue, Chief Executive Officer Ian Cockerill commented: ‘Both projects will drive stronger operating performance in the second half of the year, underpinning our group production guidance, while adding low-cost production, extending mine life visibility, and increasing the geographic diversification of the portfolio.’

In its half-year results, published at the end of July, Endeavour reiterated full-year production guidance of 1.13 million to 1.27 million ounces. This would be at least 5.4% higher than the 1.07 million ounces it produced in 2023.

CEO Cockerill added: ‘With our higher quality portfolio, we will transition to a phase focused on free cash flow generation that will support enhanced shareholder returns, through additional supplemental returns, while we simultaneously reduce our leverage, as we continue to execute on our strategy.’

Shares in FTSE 100-listed Endeavour Mining rose 4.3% to 1,733.00 pence in London on Friday morning.

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