PERTH (miningweekly.com) – Dual-listed gold miner Endeavour Mining on Tuesday reported that it had met its all-in sustaining cost (ASIC) target and confirmed that its Burkina Faso mine continued to operate despite the civil unrest in the West African country.
The mining company slashed ASICs to $991/oz in the third quarter ended September, compared with the A$1 021/oz achieved in the previous quarter, and the $1 118/oz achieved in the previous corresponding quarter.
“During 2013, our ASIC was $1 146/oz. In July 2013, we set an ASIC target of less than $1 000/oz as we implemented a targeted optimisation and investment programme to achieve this result. With an ASIC of $991/oz this quarter, we are extremely pleased to have achieved our target,” said CEO Neil Woodyer.
During the three months to September, Endeavour produced 117 612 oz of gold, which was slightly below the 122 517 oz produced in the June quarter.
The Agbaou mine, in Cote d’Ivoire, delivered 43 428 oz of gold during the quarter under review, while the Youga mine, in Burkina Faso, delivered 18 432 oz. The Tabakoto mine delivered 30 866 oz, while Nzema, in Ghana, delivered 24 886 oz.
“Agbaou continues to exceed our expectations from the mine feasibility study and is a significant cash flow generator for the company. Results from the ongoing Agbaou drilling programme give us confidence of being able to replace and expand our reserve base and extend the mine life at Agbaou,” Woodyer said on Tuesday.
The Agbaou mine had already exceeded its original guidance of between 85 000 oz and 95 000 oz for the year, with the mine producing 99 392 oz for the nine months to September.
Woodyer noted that the Youga mine also continued to operate without interruption, following the civil unrest and the ensuing events in Burkina Faso. The country is under military rule after the army stepped in last week following the forced resignation of President Blaise Compaore.
For the full year, Endeavour was expected to produce between 400 000 oz and 440 000 oz of gold.