Tuesday, June 25, 2024

Endeavor aims to discover 20 million ounces through exploration by 2025

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Maria Gill
Maria Gill
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(Agence Ecofin) – The Canadian company is present in Mali, Burkina Faso, Côte d’Ivoire and Senegal, and has established itself in recent years as one of the major players in the African gold sector. And she always sees bigger goals in exploration.

Endeavor Mining, a West African company and one of the world’s 10 largest gold producers, announced new exploration targets for the next five years at the weekend. By 2025, it expects to make discoveries of indicated gold resources totaling 15 to 20 million ounces at an average cost of $15/oz.

To achieve this goal, the company plans to continue exploration work in its main mines in order to extend their life, but also to discover new projects. It sees great opportunities in its main mines Sabodala-Massawa (Senegal), Houndé (Burkina Faso) or Ity (Ivory Coast).

“Establishing these exploration targets demonstrates our commitment to both short- and long-term growth and underscores our ability to be a resilient and reliable company,” CEO Sébastien de Montessus commented.

It should be noted that these new goals come at a time when the company has been going through a period of growth for several years with strong production numbers. One of the most active companies in the African gold sector for a while (Exploration and Exploitation), became in February 2021 with the completion of the acquisition of Teranga Gold, one of the ten largest global producers of gold.

In the first half of 2021, the Toronto and London-listed company doubled its year-over-year production to 756,000 ounces of gold, and is targeting 1.4 million ounces for the full year.

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06/08/2021 – West Africa: Endeavor wants to distribute at least $500 million to its shareholders by 2023

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