TORONTO (miningweekly.com) – Toronto- and Sydney-listed Endeavour Mining said about 57% of construction of the Agbaou gold mine, in Côte d'Ivoire, had been completed.
Endeavour on Wednesday said about 68% of the $160-million construction budget had been committed, with $59-million spent.
The company said at current gold prices, the mine cash flows and balance sheet resources, including cash and bullion of about $130-million as at March 31, were enough to complete construction as planned.
Endeavour reported that the carbon-in-leach tanks were fully constructed, hydro testing was currently under way and construction of the 15 km overhead electrical transmission line was in progress.
Significant components for the mills had been shipped on schedule.
The tailings storage facility and water storage dam were also nearing completion, with final earthworks and clean-up under way.
Clearing of the north and south pit areas had started.
Further, the new village was recently completed and about 250 residents had moved in. The total relocation costs, including construction of the new village, crop compensation and other items were in line with the feasibility study estimate of $6-million.
Endeavour owns three gold mines producing more than 300 000 oz/y in Mali, Ghana and Burkina Faso.
The company's yearly gold production was expected to reach 450 000 oz/y during 2014, aided by the Tabakoto mill expansion in 2013 and the Agbaou gold mine, which is scheduled to start operations early in 2014.