Multi listed Endeavour Mining Corporation (ASX:EVR, TSX:EDV, OTCQX:EDVMF) has been granted a mining permit for its 85%-owned Agbaou Gold Project, which is under construction and on track to begin production in first quarter 2014.
It is aiming to produce 100,000 ounces per annum from Agbaou.
Its Ivorian subsidiary was granted the permit in return for a royalty of 3% and a 10% free carried interest to the State.
Endeavour will also grant a 5% free carried interest to SODEMI, the State Company for Mining Development of Côte d’Ivoire, bringing the state partner’s total interest to 15%.
Endeavour is a gold producer with two gold mines producing approximately 200,000 ounces per year in Ghana and Burkina Faso that are generating operating cash flows to fund exploration and development growth.
Endeavour Mining trades by CDI's in Australia on a 1:1 basis.
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