Ity CIL feasibility study outlines long-lived, low-cost Endeavour asset
VANCOUVER (miningweekly.com) – West Africa-focused gold producer Endeavour Mining has published the results of a feasibility study to construct a carbon-in-leach (CIL) project at its 55%-owned Ity mine, in Côte d'Ivoire.
The report returned robust metrics, demonstrating potential for a 14-year mine life based on current reserves, which increased 31% to 1.9-million ounces of gold.
Endeavour said the project would deliver low all-in sustaining costs (AISC) of $507/oz on average over the first five years and $603/oz over the life of the operation. Once in operation, the CIL project will deliver 165 000 oz over the first five years and 114 000 oz over the remainder of the mine life.
The feasibility study calculated an after-tax net present value, using a 5% discount rate, of $411-million, and an internal rate of return of 36%, with a capital payback period of 25 months based on an assumed gold price of $1 250/oz.
The project will comprise multiple openpit mines and existing decommissioned heap leach stockpiles, and will include the construction of a new three-million-tonne-a-year gravity circuit/CIL plant.
The initial capital cost is pegged at $307-million, with a 20-month construction period.
Among other key project milestones that will need to be achieved before proceeding with a final investment decision, Endeavour will seek to lift its stake in the Ity project, which it acquired through investment company La Mancha Holdings last year.
The feasibility study for the Ity CIL project will be updated in the first half of 2017 to include the Bakatouo and Colline Sud discoveries.
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