Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has had a 'buy' rating reiterated by broker Stifel after the first gold pour at its new Lafigué mine in Côte d'Ivoire.
The project is the company's fifth successful build in West Africa over the last decade, reaching production on budget and ahead of schedule, just 21 months after the construction launch, noted the broker.
The mine is expected to produce 90-110,00 oz of gold at all-in sustaining costs of $900-975/oz this year and increase output to approximately 200,000 oz next year.
Assafou on the Tanda-Iguela property in Côte d'Ivoire was identified as the next phase of organic growth.