Endeavour Mining confirms US$412 million extension on Ivory Coast gold mine

Canadian firm Endeavour Mining (TSX:EDV) will extend the life of its Ity gold mine in Ivory Coast by 14 years, after greenlighting an initial sum of US$412 million for the construction work.

The work will focus on the construction of a carbon-in-leach (CIL) plant at the site, which will enable the mine to produce around 144,000 ounces of gold per annum for at least the first nine years.

“Today’s study clearly positions Ity as our next flagship asset with robust project economics, a strong long-life production profile, and significant exploration upside,” said Endeavour’s president and CEO, Sébastien de Montessus.

Endeavour is primarily focused on West Africa and currently owns seven mines in Ivory Coast, Ghana, Mali and Burkina Faso.

The miner also recently completed the acquisition of Avnel Gold Mining, giving it an 80% stake in the Kalana gold project in Mali. In 2017, Endeavour expects to generate between 600,000-640,000 ounces of gold across its African assets.

@RGNonline