Shares in Canada’s Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) got a boost Friday after the company announced it was on track to pour first gold at its Ity mine in Ivory Coast by mid-2019.
The West Africa-focused firm said the $412-million construction project to upgrade Ity remained on-time and on-budget, adding that engineering, procurement and construction management (EPCM) design was progressing well with nearly 50% complete.
The project will extend Ity’s life by 14 years, based on current reserves of 2.9 million ounces, up by one million ounces since the latest feasibility study.
The stock went up about 1% to Cdn$23.49 mid-morning and was still trading high at Cdn $23.28 by 2:00 PM in Toronto.
The company also has another mine in the country — Agbaou. Last year, that operation and Ity mine yielded a combined 236,000 ounces of gold, and that figure is expected to be at 245,000 ounces in 2018.
Endeavour has expanded its portfolio in recent years and it now has counts with seven mines and projects in African countries, including Ivory Coast, Ghana, Mali and Burkina Faso.
The miner anticipates a combined output of between 670,000 and 720,000 ounces of gold this year.
Ivory Coast, the world’s top cocoa producer, aims to increase gold production to diversify its economy. Last year, the country produced around 25 tonnes of gold.