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Friday, February 26, 2021 - 1:49:03 PM
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Mining News Pro - Endeavour Mining has increased its guidance for 2021 to include production from the recently integrated Sabodala-Massawa and Wahgnion mines, following completion of the Teranga Gold acquisition.
The consolidated 2021 production guidance for continuing operations has increased from between 900 000 oz and 990 000 oz to between 1.35-million and 1.48-million ounces.
The consolidated all-in sustaining cost (AISC) guidance has decreased by $40/oz to a range of $840/oz to $890/oz.
President and CEO Sébastien de Montessus commented in a statement on Friday that the updated guidance for 2021 confirmed Endeavour’s position as a senior, low cost, global gold producer and reaffirmed its confidence in the potential of the newly acquired mines.
Further, the miner said it had started Phase 1 of a two-phase expansion at the Sabodala-Massawa mine, in Senegal. The first phase would increase production by about 90 000 oz/y and would be completed by year-end.
The second phase contemplates a production increase above 400 000 oz/y. A definitive feasibility study is under way and should be completed by year-end.
The Sabodala-Massawa mine expansion prefeasibility study (PFS) results, announced last year, demonstrated the mine`s potential to be a top-tier operation with a large proven and probable reserve base of 4.8-million ounces, with an AISC of $749/oz, and net cash flows of more than $2.2-billion over a 16.5-year mine life. The PFS is based on average production of 260 000 oz/y over the mine life.
Meanwhile, Endeavour said that, following the completion of the C$2.4-billion acquisition of Teranga, its focus would be on organic growth.
Investment in exploration is a core focus and the company has increased its 2021 budget to between $70-million and $90-million – one of the largest in West Africa, with 40% allocated to greenfield exploration.
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https://www.miningnews.ir/En/News/611601
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