KEY POINTS
- Endeavour Mining targets 200,000 ounces of gold annually from Lafigue Mine by 2025.
- The company has invested $415 million in the project, with a minimum 13-year lifespan.
- Ivory Coast’s government aims to increase gold production to 100 metric tons annually within five years.
Endeavour Mining, listed on the London Stock Exchange, intends to produce 200,000 ounces of gold year by 2025 with its newly opened Lafigue Mine in Ivory Coast.
By the end of this year, the mine, which began operations in August, is expected to generate 90,000 to 100,000 ounces of gold. About 500 kilometers northeast of Abidjan is where it is located.
Major investment and future projections
Endeavour has committed $415 million, or 250 billion CFA francs, to the Lafigue project, which is expected to last at least 13 years.
According to Reuters, the business estimates that during the mine’s operating lifespan, the West African country might receive more than 380 billion CFA francs in revenue and taxes.
Ian Cockerill, CEO of Endeavour, stressed the project’s importance for the company and Ivory Coast during his remarks during the inauguration ceremony.
“With Lafigue, we are shaping the future of Endeavour in Côte d’Ivoire,” Cockerill stated.
Along with highlighting the company’s two active mines in the nation, Lafigue and Ity, he also voiced confidence about continued exploration at the Tanda-Iguela site, which has the potential to grow into another significant asset.
Ivory Coast’s expanding mining sector
In an attempt to diversify its sources of income, Ivory Coast, which is best known for producing the most cocoa in the world, is making progress in growing its mining industry.
The nation’s gold production could top 100 metric tons annually within the next five years, according to a recent prediction made by Mamadou Sangafowa Coulibaly, the Mines Minister.
Endeavour’s rise in Ivory Coast is representative of the expansion of the mining sector as a whole, as other companies such as Barrick Gold, Perseus Mining, and Roxgold also operate in the region.
Future growth depends on mining, therefore these investments help the country’s efforts to diversify its economy.
Looking ahead
Endeavour Mining is positioned as a major participant in the Ivory Coast mining industry thanks to its sustained dedication to the country and expanding portfolio of mining operations.
Moreover, in the upcoming years, the Lafigue mine and other resources are expected to propel business expansion and the advancement of the national economy.
