African gold producer Endeavour Mining said both its ball and SAG mills arrived at its Agbaou Gold Mine in Côte d'Ivoire and initial production is on pace for the first quarter of 2014.
The company says the mine is 75% complete and about 77% of the US$160 million construction budget has been committed.
Endeavour Mining (TSE:EDV) is up 1.27% for the day to 80 cents. Since the start of the year, the stock has got hammered along with the rest of the gold miners. Endeavour is down 61.35% in 2013. The 52-week range is 78 cents to $2.56.
Endavour currently runs gold mines in Mali, Ghana and Burkina Faso that generate about 300,000 ounces per year.
Construction on the open pit gold mine began in the summer of 2012. Annual production is estimated at 450,000 ounces per year.
The mine sites has a measured and Indicated resource of 1.157 million ounces comprised of 14.970 million tonnes at 2.43 g/t. It also has proven and probable reserves of 0.905 million ounces comprised of 11.075 million tonnes at 2.54 g/t.