CA - Endeavour Mining starts construction of Côte d'Ivoire gold project
Endeavour Mining ( OTCQX:EDVMF ) said Monday it has launched construction of its 80%-owned Lafigué gold project in Côte d’Ivoire after the definitive feasibility study confirmed its potential to become a "cornerstone asset."
The miner said the study proved reserves at the project were 600K oz, or 30%, higher than the preliminary feasibility study.
Based on the just-completed study, Endeavour ( OTCQX:EDVMF ) forecast Lafigué will produce an average 203K oz/year of gold at an all-in sustaining cost of $871/oz over a 12.8-year initial mine life.
Citing strong exploration potential, Endeavour ( OTCQX:EDVMF ) said it will target the discovery of 1.5M-2M oz of indicated resources across the Fetekro exploration permit area over the 2021-25 period at a discovery cost of $45/oz.
"For a modest exploration investment of $31M, which represents a discovery cost of $12/oz, we have added a new cornerstone asset to our portfolio," the company said.
Endeavour Mining ( OTCQX:EDVMF ) "has a strong net cash balance as it progresses its Sabodala-Massawa Expansion, and this is despite continuing to pay an industry-leading dividend yield," Taylor Dart writes in an analysis published on Seeking Alpha .
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Endeavour Mining starts construction of Côte d’Ivoire gold project