London-based Endeavour Mining has launched construction on its Lafigué gold mine project in Ivory Coast, following the completion of a robust definitive feasibility study.
The project is located on the Fetekro property and will produce an average of 203 000 oz/y at an all-in sustaining cost of $871/oz over a 12.8-year mine life, according to Endeavour.
Endeavour owns properties in Ivory Coast, Burkina Faso and Senegal, and is cross-listed in London, Toronto and over-the-counter in the US.
According to CEO Sebastien de Montessus, the new project will become a cornerstone mine for Endeavour.
“We are ideally positioned to launch the construction of Lafigué, given our net cash position, the continued strong performance of our operations, and our success in de-risking the Sabadola-Massawa expansion with a significant portion of the capital already committed on-budget,” he said, in a statement.
“Moreover, we are seeing reduced inflationary pressures and favourable foreign exchange rates compared to earlier in the year,” he continued.
According to the definitive feasibility study, the construction will require upfront capital of $448mn, and production is expected in Q1 2024.