ENDEAVOUR Mining confirmed greater gold manufacturing in 2021 than beforehand guided following formal sanction for its Teranga Gold Corp merger.
The Toronto-listed gold producer introduced the all-share transaction in November. The deal met all its regulatory approvals this 12 months.
In consequence, Endeavour upgraded its 2021 manufacturing steering to 1.35 to 1.48 million ounces from earlier steering of 900,000 to 990,000 ozyear. All-in sustaining prices (AISC) steering additionally modified, falling $40/ozto $840 – $890/oz.
The change in manufacturing and AISC steering displays the inclusion of Teranga’s Sabodala-Massawa and Wahgnion operations from February 11. This leads to the addition of 450,000 to 485,000 ozof gold manufacturing at AISC of beneath $900/ozfor the 11-month interval, stated Endeavour Mining in an announcement.
“The combination of the Sabodala-Massawa and Wahgnion mines is progressing nicely as we stay centered on optimising operations and delivering on the anticipated synergies,” stated Sébastien de Montessus, president and CEO of Endeavour Mining.
“We’re due to this fact transferring ahead with the Section 1 enlargement on the Sabodola-Massawa mine, which is the primary stage in unlocking worth from the massive, excessive grade Massawa deposits, and in parallel we’re advancing the DFS on Section 2 and ramping-up exploration,” he stated.
Following the completion of the Teranga transaction, De Montessus stated Endeavour’s quick-fire merger and acquisition technique, by which it additionally absorbed the Burkina Faso mines of SEMAFO, was at a detailed. The main focus would now fall on growth of natural development and greenfields exploration.
“As such, funding in exploration stays a core focus and consequently we have now elevated our 2021 price range to $70m to $90m, one of many largest in West Africa, with 40% allotted to greenfield exploration,” he stated.
The itemizing on the premium section of the London Inventory Alternate within the second quarter was additionally on observe “… which we consider will increase investor attraction”, he stated.