Firm said the $412-million construction project to upgrade the Ivory Coast-based gold mine remained on-time and on-budget.
Endeavour Mining Mining News
Company has opened negotiations with local people in Ivory Coast in an effort to head off protests at two gold mines where the company aims to boost production by nearly 4% this year.
The London-based miner sold its 90% stake in the project to BCM International. The remaining 10% is held by the Ghanaian government.
The Ity mine, in Côte d’Ivoire, has produced more than 1.2 million ounces of gold in its over 20 years of operations.
Endeavour pays 48% premium to acquire Avnel Gold and its "shovel ready" Kalana project in Mali.
The top 10 ranking of the lowest all-in cost gold mines in the world – former US president Herbert Hoover was once in charge of no. 8 on the list.
A drill program at the mine's North Kao deposit has added 262,000 ounces to the reserves, extending Karma's life to more than 10 years.
The company, which earlier this month revealed is in merger talks with African gold producer Acacia Mining, expects to produce between 600,000 and 640,000 ounces of the precious metal this year.
Year to date, the company has produced 408,000 ounces of gold from its five mines in Mali, Côte d’Ivoire, and Ghana, which represents a 8% increase compared to the same period in 2015.
The Company issued a total of 7,187,500 ordinary shares in the capital of Endeavour ("Shares") at a price of C$20.00 per Share, which includes the exercise of the underwriters’ over-allotment option in full, for aggregate gross proceeds of C$143.75 million (the "Offering").
The Hounde project, in Burkina Faso, is forecast to produce about 1.9 million ounces of gold over a 10-year mine life.
The Cdn$240 million deal is expected to close in late April.
Endeavour has sold its Youga mine to privately-held MNG Gold for US$25.3 million.
It said the move reduces its administrative, compliance and legal expenses, which could no longer be justified given the low levels of trading on the ASX relative to Endeavour’s TSX listing.
Shares in fast-growing producer surge after drill results at Cote d'Ivoire "free dig" mine provide extensions of oxide mineralization and fresh resources.
The Vancouver-based miner has sold 30% of the company to La Mancha Holding in a deal that will grant it a majority stake in the massive Ity gold mine, in Côte d’Ivoire.
Results confirm high grade mineralization zones at the firm's Agbaou gold mine, in Côte d’Ivoire.
Endeavour Mining shares jump 10% after Vancouver firm slashes debt as mines in Cote d'Ivoire, Mali, Burkina and Ghana mines throw off cash.
Burkina Faso may encounter some short-term choppiness.