Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has completed the first gold pour from its Sabodala-Massawa BIOX Expansion in Senegal, transforming the complex into a tier 1 mine, according to the Africa-focused miner.
Commercial production from the new project is expected later this quarter with the project ramping up to its nameplate capacity of 1.2Mtpa in the following three months.
Endeavour added it will now move to a large exploration programme planned at Sabodala-Massawa with a spend of US$21 million focussed on reserve conversion and finding new resources.
Endeavour added that with the BIOX Expansion, Endeavour is on track to meet full-year 2024 guidance of 1.13 -1.27 million ounces at a sustaining cost of US$955 – 1,035/oz.
Ian Cockerill, Endeavour’s chief executive, commented: “We are proud to have achieved our first gold pour at the Sabodala-Massawa BIOX Expansion with over 3.5 million man-hours worked with no lost time injuries.
“We have commissioned the project and delivered first gold in only two years, marking the fourth capital project that we have completed in the last 10 years.
With the Sabodala-Massawa expansion successfully commissioned, we are now focussed on delivering the Lafigué project in the coming weeks, a full quarter ahead of schedule.
“The successful launch of both the Sabodala-Massawa expansion and the Lafigué project will further improve the quality of the portfolio, adding low-cost production and extending mine life visibility.
“The completion of the two projects underpins our transition to a more cash flow generative phase, from the second half of the year, when we will focus on enhancing shareholder returns and de-levering our balance sheet.”