Endeavour Mining Reaches Commercial Production at Agbaou Gold Mine

Resource Investing News

Endeavour Mining Corporation (TSX:EDV, ASX:EVR, OTCQX:EDVMF) achieved commercial production from the Agbaou Gold Mine following the successful commissioning of the processing plant.

Endeavour Mining Corporation (TSX:EDV, ASX:EVR, OTCQX:EDVMF) achieved commercial production from the Agbaou Gold Mine following the successful commissioning of the processing plant. Also of note, the company announced that during the official mine opening ceremony, a “Mining Convention” was signed with the State of Côte d’Ivoire that includes a strong stability clause outlining fiscal conditions, and including gold royalty rates and a corporate tax holiday.

According to the company’s press release:

Commercial production at Agbaou has been declared as the process plant achieved approximately 125% of design throughput and gold recovery exceeding 94% over the prior 30 days.  Agbaou is forecast to produce between 85,000 and 95,000 ounces in its first 12 months of the current 8 year mine life.  The value of the gold produced prior to commercial production will be deducted from capitalized construction costs, rather than recorded as revenue

Neil Woodyer, CEO, stated

Declaring commercial production at Agbaou marks the successful completion of an 18 month construction period. Endeavour will now benefit from Agbaou’s low-cost gold production.  Agbaou was completed safely, ahead of schedule, and under our $160 million capital budget.

We appreciate the strong support from our government partners and the local communities.  And from today, our partners will have direct financial participation in the operation from royalties, 15% ownership, employment and skills training opportunities, and infrastructure development.  Currently we have over 500 people working on site, and 85% of our team is Ivorian.

I want to thank the Agbaou Construction Team and our contractors for their outstanding efforts.  Throughout the start-up, the Operational Management Team has demonstrated they can run the mine safely, economically, and with full regard to the local community and environment.

 Click here to view the full press release.

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