12 Apr Endeavour Mining begins Burkina Faso gold mine construction
Endeavour Mining (TSX:EDV) announced its Houndé Project in Burkina Faso has started the construction phase of its development yesterday.
The low-cost gold project is anticipated to produce an average production of 190,000 ounces per year over a 10-year mine life.
Houndé is an open-pit mine and initial capital costs are estimated at US$328 million, including $47 million for the owner-mining force.
“With the ramp-up of Karma soon underway, and our operations delivering a strong performance, we are now well positioned to build the Houndé project, which will further lift the overall quality of our portfolio,” said Neil Woodyer, CEO of Endeavour. “Once in production, it will become our flagship low-cost mine and will rank amongst West Africa’s top tier cash generating mines.”
The duration of the project is estimated at 18 months and is expected to be funded from existing and internal sources of capital.