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Endeavour Mining PLC (LSE:EDV) has announced significant advancements in its growth strategy, marking the commencement of commercial production at two major projects. The company has successfully launched operations at both the Sabodala-Massawa BIOX Expansion in Senegal and the Lafigué mine in Côte d'Ivoire.
Both projects, completed within budget and on schedule, achieved commercial production status in August 2024. The BIOX Expansion, an integral part of the Sabodala-Massawa mine, demonstrated strong performance with 94% plant availability and operated at 80% of its nameplate capacity during July and August. The plant achieved gold recoveries exceeding 72%.
Similarly, the Lafigué mine reported commendable results, with 87% plant availability and operating at 72% of its nameplate capacity in August. The mine achieved an impressive gold recovery rate of 95%.
On Friday, Endeavour Mining’s shares experienced a notable increase, rising 3.8% as gold prices remained robust. This uptick occurred in anticipation of forthcoming US job data, with gold trading at approximately US$2520 per ounce, reflecting a 0.2% increase.
Additionally, Endeavour Mining has reached a settlement agreement with Lilium Gold, facilitated by the government of Burkina Faso, regarding the divestment of the Boungou and Wahgnion mines. Under the agreement, Lilium will transfer ownership of these mines to the Burkinabé state. Endeavour Mining is set to receive US$60 million in cash over three tranches: US$15 million upfront, another US$15 million by the end of the third quarter, and the final US$30 million by the end of 2024.
These developments underscore Endeavour Mining's ongoing commitment to advancing its operations and optimizing its portfolio in West Africa, further strengthening its position as a leading gold producer in the region.
