Endeavour Mining achieves commercial production at two mines

13th Sep 2024 08:17

(Sharecast News) - Endeavour Mining's share price was given a boost on Friday after the West Africa-based gold producer achieved commercial production at its mines in Senegal and Côte d'Ivoire.

Commercial production was achieved on budget and on schedule at both its Sabodala-Massawa BIOX Expansion in Senegal and at its Lafigué mine in Côte d'Ivoire at the start of August, the company said.

Full ramp-up to nameplate capacity at both projects is now underway, with the company on track to hit its production guidance, with all-in sustaining costs at the top end of the expected range, as previously announced.

"We are pleased to have achieved commercial production at both of our organic growth projects, fully de-risking construction and ramp-up activities," said chief executive Ian Cockerill.

"Both projects will drive stronger operating performance in the second half of the year, underpinning our Group production guidance, while adding low-cost production, extending mine life visibility, and increasing the geographic diversification of the portfolio."

The stock was up nearly 3% at 1,708.1p by 0901 BST.